Sec. 2-207. Basis for retirement pay.
Retirement pay shall be based upon regular annual salary
received at the time of retirement, except as otherwise provided in
this article, and upon years of continuous service, not less than
ten, in accordance with the table set out in this article. Except in
those cases covered in subsection (a) of section 2-213, the
retirement pay of any employee who continues his service with
the city after reaching the age of sixty-five years shall be based on
rate of compensation and length of service at age of sixty-five,
regardless of any further service with the city, but subject to and
including any increase or decrease that the employee would have
received under the provisions of section 2-208 had he retired at
age sixty-five; provided, that if such retirement is done prior to
the age of sixty-five, the employee shall receive reduced benefit as
follows: If retired at the age of sixty-two, eighty per cent; if
retired at the age of sixty-three, eighty-six and two-thirds per
cent; if retired at the age of sixty-four, ninety-three and one-third
per cent of the amount he would receive if he retired at the age of
sixty-five. (11-2-59; 4-15-63.)
