The Borough of West View shall pay compensation in the form
of an annuity to any retired employee in the amount and under the
circumstances set forth in the succeeding sections.
In order to qualify for said annuity payments, an employee shall:
A. Have completed not less than 10 years of satisfactory service.
B. Be not less than 60 years of age.
C. Because of advanced age, be unable to advantageously join and participate
in the Borough Municipal Employees' Pension Plan and shall not have joined or participated in said pension
plan.
The monthly payment to a retired employee made pursuant to the
provisions of this article shall be an amount equal to 0.5% of the
compensation last paid to him, multiplied by his number of years of
completed service with the Borough of West View; provided, however,
that said payments shall not be in excess of 50% of the compensation
last paid to him, including benefits received under the Social Security
Act, if any.
The expenditures herein authorized shall be paid out of the
general tax levy for the current expenditures of the year and not
by any special tax therefor.
Nothing herein shall prevent any employee of the Borough of
West View from joining and participating in the Municipal Employees'
Pension Plan; provided, however, that the participation of an employee
in said Plan shall exclude him from the payment of any benefits provided
herein.