Any member who completes at least twenty (20) years of service in the aggregate and attains the age of fifty-five (55) years, such service to be computed under Section 2.124.480 of this chapter may retire for service at his or her option. Members shall be retired on the first day of the month next following the attainment by them of the age of sixty-five (65) years. A member retired after meeting the service and age requirements in the two sentences next preceding, shall receive a retirement allowance equal to the same percentage of the final compensation of such member, regardless of his or her age at retirement, for each year of service in the aggregate, computed under Section 2.124.480 of this chapter, as the contributions of the member and the city are calculated to provide upon retirement for service at age fifty-five (55) upon completion of twenty (20) years of such service at an age higher than fifty-five (55) or upon retirement with less than twenty (20) years of such service at age sixty-five (65) for each year of such service. Any member may retire for service after attaining the age of fifty (50) years and rendering at least twenty (20) years of service in the aggregate, computed under Section 2.124.470 of this chapter, but if his or her retirement is below age fifty-five (55), his or her retirement allowance shall be such as can be provided at the age of retirement by the actuarial value, at the age of retirement, of the retirement allowance to which he or she would be entitled at the date upon which he or she would qualify for retirement under the first sentence of this paragraph, deferred to that date. If, at the date of retirement for service or retirement for disability resulting from an injury received in performance of duty such member has no spouse, children or dependent parents who would qualify for the continuance of the allowance after the death of such member or with respect to the portion of the allowance which would not be continued regardless of dependents or upon retirement for disability resulting from other causes, with respect to all of the allowance and regardless of dependents at retirement, a member retired under this section or Section 2.124.410 of this chapter may elect before the first payment of the retirement allowance is made to receive the actuarial equivalent of his or her allowance, as the case may be, partly in other benefits payable after his or her death to another person or persons; provided, that such election shall be subject to all the conditions prescribed by this chapter to govern similar election by other members of the retirement system, including the character and amount of such other benefits. (Prior code § 34.04.401)