§ 70-239. Vesting.

(a)

Upon reaching age 55, any member or former member in good standing, with at least ten years of credited service, who separated from the city prior to becoming eligible for retirement, shall be eligible for the following benefits, upon proper application to the board of trustees, as defined in section 70-236:

(1)

For ten years of credited service, such member shall be entitled to the member's annuity plus 70 percent of the basic pension and the credited service pension as outlined in section 70-238.

(2)

Three percent shall be added to the 70 percent for each full year of credited service over ten years up to 20 years.

(b)

Notwithstanding subsection (a) above, police officer members hired on or after March 2, 2014 and firefighter members hired on or after November 15, 2013, who separate from the city with at least ten years of credited service but prior to becoming eligible for normal retirement (less than 20 years of credited service or 76 points), shall, upon proper application to the board of trustees, be eligible for a benefit equal to two percent of average final compensation for each year of credited service, payable upon reaching age 59½. No basic pension shall be provided to such members.

(Code 1960, § 24-33.2; Ord. No. 2819, § 5, 10-23-1973; Ord. No. 91-08, § 1, 1-22-1991; Ord. No. 95-28, § 1, 4-11-1995; Ord. No. 2014-29, § 3, 5-27-2014)