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.
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.)
