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(a) Any member may retire upon written application filed with the board setting forth at what time, not less than 30 days nor more than 90 days subsequent to the execution and filing thereof, the member desires to be retired, provided that one of the following requirements for applicable age and service has been satisfied:
(1) The member has attained age 55 years and has 20 or more years of credited service; or
(2) The member has age and years of service which, when added, equal 80 or more. Minimum age of retirement is 50 years of age. For purposes of this division (a), AGE AT TIME OF HIRE shall mean age in years and months, rounded to the nearest whole month, subtracted from the beginning service date, rounded to the nearest whole month. When calculating eligibility, subtract from 80 the age of the member at hire date. Divide this number in half. This results in the number of years and months of service required in order to be eligible to retire. Add the required years and months of service for eligibility to the beginning service date. The beginning service date is the member's hire date plus service forfeited and repaid according to §§ 39.308 and 39.325(e).
(b) Upon retirement, the member shall receive the superannuation pension provided in § 39.315.
(c) A member shall be 100 percent vested in his or her service retirement benefit upon attaining normal retirement age as defined in paragraph (a) of this Ordinance § 39.312.
(1957 Rev. Ords., § 2.1114; 1992 Code, § 35-94) (Ord. 110-89, passed 10-16-1989; Ord. 118-16, passed 12-20-2016)