In no case shall the straight life retirement allowance payable to any member whose credited service includes service rendered prior to July 1, 1967, be less than the sum of:
(a) An annuity which is the actuarial equivalent of his or her accumulated contributions standing to his or her credit in the accumulated contributions account at the time of his or her retirement; and
(b) A pension equal to the sum of $100 per year; plus one-one hundred thirty fifths of his or her final average pay multiplied by the number of years, and fraction of a year, of his or her credited service rendered after December 31, 1950; plus two-one hundred thirty-fifths of his or her final average pay multiplied by the number of years, and fraction of a year, of his or her credited service rendered prior January 1, 1951. The pension shall not exceed 50% of his or her final average pay.
(1957 Rev. Ords., § 2.517D; 1992 Code, § 35-28; Ord. 118-16, passed 12-20-2016)