[Amended 1-9-2001 by Ord. No. 1054; 5-8-2001 by Ord. No. 1063; 7-10-2007 by Ord. No. 1184; 12-11-2012 by Ord. No. 12-1263, § 1]
“Normal retirement benefit” means an amount that is equal to 50% of the member’s final average salary.
A. Members. The normal retirement benefit for all members shall be a monthly pension payable for the life of the member. Such monthly pension shall be in an amount equal to 50% of the member’s final average salary commencing at the member’s normal retirement age.
B. Survivor benefit. In addition, the surviving spouse of a retired member shall be entitled to monthly payments equal to 60% of the member’s normal retirement benefit. If there is no surviving spouse or if the surviving spouse subsequently dies, then the child or children of the member shall be entitled to receive a survivor’s benefit equal to 60% of the pension which the member was receiving or would have been receiving had the member retired at the time of death. Such survivor’s benefit to the child or children shall continue until the child or children reach the age of 18, or until age 23, if the child is “attending college.” For purposes of this section, the phrase “attending college” shall mean being enrolled in an institution of higher learning and carrying a minimum course load of seven credits per semester. [Amended 7-10-2007 by Ord. No. 1184; 12-11-2012 by Ord. No. 12-1263]