Sec. 2-208. Retirement pay rates.
Subject to the terms of this article, including the reduction for
primary social security benefits, as provided in section 2-202, the
city will pay retirement pay on a monthly basis to any person
eligible to receive such retirement pay in accordance with the
formula set forth below.
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FORMULA FIXING RETIREMENT PERCENTAGES
BASED ON SALARY AND YEARS OF SERVICE
AND INCLUDING PRIMARY SOCIAL SECURITY
BENEFITS.
Annual Salary
At Time of
Retirement |
10 Yrs. Thru
14 Yrs. |
15 Yrs. Thru
19 Yrs. |
20 Years and
Over |
Up to $15,000
per yr. |
30% of salary,
plus 2% for each
full year of service
after 10th
thru 14th |
40% of salary,
plus 2% for each
full year of service
after 15th
thru 19th |
50% of salary,
plus ½ of 1% for
each full year of
service after the
20th |
On portion of
salary over
$15,000 |
The above plus—
On portion of
salary in excess
of $15,000, 20%,
plus 2% for each
full year of service
after 10th
thru 14th |
The above plus—
On portion of
salary in excess
of $15,000, 30%,
plus 2% for each
full year of service
after 15th
thru 19th |
The above plus—
On portion of
salary in excess
of $15,000, 40%,
plus ½ of 1% for
each full year of
service after the
20th |
Minimum |
Minimum pay
from city, $30.00
per month |
Minimum pay
from city, $40.00
per month |
Minimum pay
from city, $50.00
per month plus
5% for each full
year in excess of
20 years |
(11-2-59; 4-15-63; 2-15-65; 7-29-66; 2-19-68; 2-2-70.)