§ A8.588-2

SERVICE RETIREMENT

Any member of the fire department who completes at least five (5) years of service in the aggregate and attains the age of fifty (50) years, said service to be computed under Section 8.588-10, may retire for service at his or her option. A member retired after meeting the service and age requirements in the sentence next preceding, shall receive a retirement allowance equal to the larger of (a) two percent of final compensation for each of the first twenty-five (25) years of service, then three percent of final compensation for each year of service rendered in excess of twenty-five (25) years or (b) the percent of final compensation (as defined in Section 8.588-1) set forth opposite his or her age at retirement, taken to the preceding completed quarter year, for each year of service, as computed under Section 8.588-10:



Age at Retirement Percent for Each Year of Credited Service
50 2.000
50.25 2.035
50.5 2.070
50.75 2.105
51 2.140
51.25 2.175
51.5 2.210
51.75 2.245
52 2.280
52.25 2.315
52.5 2.350
52.75 2.385
53 2.420
53.25 2.455
53.5 2.490
53.75 2.525
54 2.560
54.25 2.595
54.5 2.630
54.75 2.665
55 2.700

In no event, however, shall such a retirement allowance exceed seventy-five (75) percent of a member’s final compensation.

History

(Amended November 1996)

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