(a) The retirement benefit of a participant shall be equal to one-half his or her average monthly compensation received during the last 36 months of employment, excluding any non-fixed income payments made in the aforesaid 36 month period in arriving at an average monthly figure of compensation, continuing for life in equal monthly payments and ceasing in the month of death, provided that, if eligible, his or her spouse and children shall continue to receive benefits in accordance with Section 282.11. Such pension or retirement benefits for any month shall be computed as the sum of:
(1) Any pension benefits from pension plans heretofore established by a private organization or association for the members of the police force, but only to the extent that this Commonwealth or any of its municipalities shall have contributed to such pension plan moneys raised by taxation.
(2) Benefits from the Police Pension Fund established pursuant to Act No. 600 of 1956, as amended, to the extent necessary to bring the total benefits in any month up to one-half the aforesaid monthly average compensation. (Ord. 825. Passed 10-9-84.)
(3) Any lump-sum payment due upon resignation, or retirement, or upon entry into the DROP (e.g., the sell back of 50% of unused sick time, the sell back of unused vacation or other paid time off) shall be excluded from all pension calculations of officers hired on or after January 1, 2018. (Ord. 1094. Passed 11-8-21.)
(b) (EDITOR'S NOTE: Division (b) was repealed by Ordinance 888, passed March 8, 1993.)