Every member who shall have served continuously
for a period of 25 years, periods of suspension and absence excluded,
and having attained the age of 55 shall be eligible to retire from
said Bureau.
The monthly pension benefit is to be set at
50% of the average monthly compensation calculated over the last 36
months of employment. Compensation is defined as base pay and longevity.
There shall not be a cost of living increase
for those members who retire under the provisions of § 12-84.
For those members who retire under the provisions of § 12-90,
the cost of living increase shall amount to 25% of any increase in
salary granted to those firemen on active duty of the same rank.
There shall not be a service increment for any
type of retirement.
There shall not be any lump sum death benefit.
A member shall be vested for a benefit after
25 years of continuous service, periods of suspension and absence
excluded.
A disability benefit is provided for a member
regardless of service. For non-service related disability the benefit
shall be 5% of salary per year of service up to a maximum of 50%.
For a service connected disability the benefit shall be the normal
retirement benefit as per this Article. This amendment shall apply
to any employee who has received a disability benefit pursuant to
the pension plan otherwise described in this Article.
Each member shall contribute three and one-half
percent (3 1/2%) of base pay and longevity to the firemen's pension
fund.
The administration of the firemen's revised
pension plan shall be the same as the previously adopted firemen's
pension plan.