Any member of the fire department who completes at least five (5) years of service in the aggregate and attains the age of fifty (50) years, said service to be computed under Section 8.588-10, may retire for service at his or her option. A member retired after meeting the service and age requirements in the sentence next preceding, shall receive a retirement allowance equal to the larger of (a) two percent of final compensation for each of the first twenty-five (25) years of service, then three percent of final compensation for each year of service rendered in excess of twenty-five (25) years or (b) the percent of final compensation (as defined in Section 8.588-1) set forth opposite his or her age at retirement, taken to the preceding completed quarter year, for each year of service, as computed under Section 8.588-10:
Age at Retirement | Percent for Each Year of Credited Service |
Age at Retirement | Percent for Each Year of Credited Service |
50 | 2.000 |
50.25 | 2.035 |
50.5 | 2.070 |
50.75 | 2.105 |
51 | 2.140 |
51.25 | 2.175 |
51.5 | 2.210 |
51.75 | 2.245 |
52 | 2.280 |
52.25 | 2.315 |
52.5 | 2.350 |
52.75 | 2.385 |
53 | 2.420 |
53.25 | 2.455 |
53.5 | 2.490 |
53.75 | 2.525 |
54 | 2.560 |
54.25 | 2.595 |
54.5 | 2.630 |
54.75 | 2.665 |
55 | 2.700 |
In no event, however, shall such a retirement allowance exceed seventy-five (75) percent of a member's final compensation.
(Amended November 1996)