A. Amount.
(1) Payments of pension shall not be a charge on any fund in the Treasury of the City nor any account under its control save the Firemen's Pension Fund herein provided for.
(2) Except as to service increments provided for in Subsection B of this section, the annual pension of a vested eligible member, whether for disability or by reason of age or service, shall be 50% of the greater of 1) 12 times the monthly salary (including base salary, overtime, holiday and longevity) of the member at the date of vesting under § 62-320 or retirement; or 2) the highest average annual salary (including base salary, overtime, holiday and longevity), which the member received during any five years of service preceding retirement.
(3) In the case of the payment of a pension to a member for permanent injury incurred in service, and to the family of a member killed or who dies in service, the account and commencement of the payment of the pension shall be fixed by regulations of the Board. Such regulations shall not take into consideration the amount and duration of the workers' compensation allowed by law.
(4) Payments to widows of members retired on pension or killed in the service on or after January 1, 1968, shall be the amount payable to the member which would have been payable had he been retired at the time of his death. If a member dies leaving no widow but leaving to survive him a dependent child or children under the age of 18, such child or children shall be entitled to the same benefits as a widow, as hereinbefore set forth, until such child or children reach the age of 18, marry, or die.
B. In addition to the pension which is authorized to be paid from the fund by this part, and notwithstanding the limitations therein placed upon such pensions and upon contributions, every member who shall become entitled to a pension shall also be entitled to the payment of a "service increment" in accordance with and subject to the conditions hereinafter set forth.
(1) Service increment of a member shall be the sum obtained by computing the number of whole years after having served the minimum required by this part during which a member has been employed by the City and multiplying the said number of years so computed by an amount equal to 1/40th of the retirement allowance which has become payable to such member in accordance with the provisions of this part. In computing the service increment, no employment after the member has reached the age of 65 years shall be included, and no service increment shall be paid in excess of $500 per month.
(2) Each member shall pay into the fund a monthly sum in addition to his pension contribution, which shall not exceed the sum of $5 per month and, provided that such service increment contribution shall not be paid after a member has reached the age of 65 years.
(3) Any person who is a member of the Department on July 20, 1968, who has already reached the age of 65, shall have his service increment computed on the year of employment prior to the date of reaching his 65th birthday.
(4) Service increment contributions shall be paid at the same time and in the same manner as pensions, and may be withdrawn in full without interest by persons who leave the employment of such City, subject to the same conditions by which retirement contributions may be withdrawn, or by persons who retire before becoming entitled to any service increment.
(5) All members of the Department of Fire and Rescue who are now contributors to the fund and all those employed by the City after July 20, 1968, if required to become contributors to the pension fund, shall be subject to the provisions of this part.
C. In the event that a member of the fund shall be eligible for a reduced retirement benefit based upon the twelve-year vesting detailed in § 62-320C and provided that such member shall have complied with all the conditions of § 62-320C and all other applicable conditions and requirements of this part, then in such event the reduced benefit of the member shall be calculated as detailed in this subsection. Upon reaching the date which would have been the member's retirement date had the member continued his or her full-time employment with the Department of Fire and Rescue, the member shall notify the Board, in writing, that the member desires to collect his or her pension. The amount of retirement benefits the member is entitled to receive under this section shall be computed as follows:
(1) The initial determination of the member's base retirement benefits shall be computed based upon the salary indicated on the notice to vest.
(2) The portion of the base retirement benefit due the member shall be determined by applying to the base amount the percentage of his or her years of service actually rendered bears to the years of service which would have been rendered had the member continued to be employed by the Department of Fire and Rescue until his or her minimum retirement date.