(a) Upon a police officer member's retirement, as provided in this subchapter, the member shall receive a straight life retirement allowance and shall have the right to elect to receive a retirement allowance under an option provided in § 39.236 in lieu of a straight life retirement allowance. The straight life retirement allowance shall consist of the benefits provided as follows:
(1) An annuity which shall be the actuarial equivalent of the accumulated contributions standing to the member's credit in the accumulated contributions account at the time of the retirement; and
(2) A pension which when added to the member's annuity will provide a retirement allowance equal to the sum of 2.5% of the member's final average pay multiplied by the number of years, and fraction of a year, of the member's credited service not to exceed 25 years, plus 1.5% of the member's final average pay multiplied by the number of years, and fraction of a year, of the member's credited service which is in excess of 25 years.
(b) Benefits provided under this section shall not exceed the limits set forth in Internal Revenue Code § 415 and rulings pertaining thereto. The same provisions as is § 39.230 shall apply to the police officer member's benefit.
(1957 Rev. Ords., § 2.517B; 1992 Code, § 35-26) (Ord. 2491, passed 8-7-1967; Ord. 110-89, passed 10-16-1989; Ord. 110-90, passed 12-3-1990; Ord. 88-91, passed 11-25-1991; Ord. 83-93, passed 11-22-1993)