Retirement allowance for retired city employees. Persons who have served as employees of the city for a period of fifteen (15) years or longer, who have retired from such employment during the period from July 1, 1958, through July 1, 1963, and who have reached the age of seventy (70) years, shall be entitled to receive a monthly retirement allowance upon making application therefor to the city council.
Such retirement allowance shall be at an annual rate which is equal to one-half of such employee's average annual earnings for the last five years of his or her employment by the city less any amounts received as federal social security benefits or any other pension benefits.
Such retirement allowance shall commence only after approval of such application by the city council and shall be payable monthly thereafter for the remainder of such retired employee's life.
Such retirement allowance shall not be paid to any person otherwise entitled thereto while he or she is receiving compensation from the city or any of its agencies, commissions or bureaus, except to the extent that such retirement allowance may exceed such compensation.
Upon approval of an application for a retirement allowance hereunder and annually thereafter, the city council shall appropriate such sums as may be necessary to carry out the provisions hereof.
(Prior code § 2-17.2)