289.04 BENEFITS.

   (a)   Normal retirement benefit.

      (1)   The plan shall pay to each member retired or honorably discharged from active duty as provided above, including a member retired voluntarily, involuntarily or automatically, from the pension fund, during the remainder of his or her natural life, in equal monthly installments, a monthly pension in a sum equal to one-half of final monthly average salary together with service increments and subject to the conditions hereinafter set forth.

      (2)   The service increment shall be the sum obtained by computing the number of whole years after having been employed by the city and paid out of the city treasury for twenty years and multiplying the number of years after so employed twenty years by an amount equal to l/40th of the benefit set forth in Subsection 288.04(a)(l). In computing the service increment, no employment after the contributor has reached the age of sixty-five years shall be included, and no service increment shall be paid in excess of one hundred dollars ($100.00) per month.

   (b)   Normal form of benefit. The normal retirement benefit payable to a retired participant pursuant to Subsection 288.04(a) shall be a monthly pension commencing on his or her retirement date and continuing after his or her death to the survivor as set forth in Subsections 288.07(b) and 288.07(c).

   (c)   Relationship to Social Security. No change in the Social Security Act after the date of a participant's separation from service shall affect the benefits as described under this plan.

(Ord. 05-09. Passed 4-16-09.)