(a) The normal retirement date shall be the later of the member's fifty-eighth birthday or the tenth anniversary of the member's date of employment. Each member shall be 100% vested upon reaching his or her normal retirement date. His or her normal retirement benefit shall commence on the first day of the month following his or her normal retirement date.
(b) The normal retirement benefit shall be the product of years of credited service and 2% of average monthly compensation.
(1) In no event may the credited service exceed 25 years of service.
(2) The normal retirement benefit shall be computed to the actual dollar and cents by application of the above formula.
(3) In no event may the normal retirement benefit be less than the benefit accrued to the effective date of this section.
(c) Subject to Section 284.17, the normal retirement benefit shall be payable in equal monthly installments during the member's lifetime and shall cease with the installment payable in the month of his or her death.
(Ord. 826. Passed 10-9-84; Ord. 957. Passed 12-11-00.)