Any member of the police department who completes at least five years of service in the aggregate and attains the age of fifty (50) years, said service to be computed under Section A8.597-10, may retire for service at his or her option. A member retired after meeting the service and age requirements in the preceding sentence, shall receive a retirement allowance equal to the percent of final compensation (as defined in Section A8.597-1) set forth below opposite his or her age at retirement, taken to the preceding completed quarter year, for each year of service, as computed under Section A8.597-10:
Retirement Age | Percent for Each Year of Credited Service |
Retirement Age | Percent for Each Year of Credited Service |
50 | 2.400 |
50.25 | 2.430 |
50.5 | 2.460 |
50.75 | 2.490 |
51 | 2.520 |
51.25 | 2.550 |
51.5 | 2.580 |
51.75 | 2.610 |
52 | 2.640 |
52.25 | 2.670 |
52.5 | 2.700 |
52.75 | 2.730 |
53 | 2.760 |
53.25 | 2.790 |
53.5 | 2.820 |
53.75 | 2.850 |
54 | 2.880 |
54.25 | 2.910 |
54.5 | 2.940 |
54.75 | 2.970 |
55+ | 3.000 |
In no event, however, shall such a retirement allowance exceed ninety (90) percent of a member's final compensation.
(Added November 2002)