A Member must satisfy at least one of the following requirements to become entitled to the retirement benefit described in § 57-4 below:
A. 
Have reached Normal Retirement Date on or before the date on which he became a Former Participant; or
B. 
Have completed at least 12 Years of Service on or before the date on which he became a Former Participant and have filed a written notice of his intention to "vest" with the Administrator within 90 days of such date (see § 57-6 below). Note that the failure to file an election to vest will result in a payment of Member Contributions and associated earnings pursuant to § 57-13 of this chapter.
A. 
A Former Participant who satisfies the conditions for entitlement described in the foregoing section shall be entitled to a monthly amount payable for his life, which amount (referred to hereinafter as the "Retirement Benefit" or "Normal Retirement Benefit") is derived from the following formula:
(a x b)+c
where, with respect to said Former Participant,
a
=
50% of Final Average Monthly Compensation.
b
=
the Accrued Benefit Percentage.
c
=
the Extra Service Benefit.
B. 
Provided, however, that payment of benefits upon retirement shall be conditioned upon a Former Participant's being subject to service from time to time as a police reserve in cases of riot, tumult or preservation of the public peace until unfitted for such service, at which time such Former Participant shall be finally discharged by reason of age or Disability upon written notice from Board.
The Retirement Benefit of a Former Participant shall become payable on the first day of the calendar month coincident with or next following the later of:
A. 
The date the Former Participant would reach his Normal Retirement Date if he continued to be an Eligible Employee until such date; or
B. 
The date on which his employment terminated with the Township and, thereafter, the first day of each month during the Former Participant's lifetime. Notwithstanding anything contained herein to the contrary, no Retirement Benefit payments nor any other payments shall be due or payable on or before 30 days after the date the Administrator receives the application for benefits.
A Participant who has completed at least 12 Years of Service shall be entitled to elect to receive a Deferred Vested Benefit in lieu of a withdrawal of member contributions and associated interest pursuant to § 57-15 hereof. Such a Deferred Vested Benefit shall be in an amount equal to the Accrued Benefit as of the date employment terminates as a police officer of Washington Township and shall commence as of the first day of the month coincident with or next following the attainment of Normal Retirement Date or the date it would have been attained if the Participant continued in Service until such date. The Participant shall be entitled to such a vested benefit by filing with the Administrator, within 90 days of the date he ceases to be employed as a full-time police officer for Washington Township, a written notice of his intention to vest.
A. 
Each Former Participant who should retire and receive a retirement benefit determined pursuant to § 57-4 hereunder shall be entitled to receive a cost-of-living adjustment to the amount of benefit payable to such Former Participant under § 57-4 and [not to the amount of Extra Service Benefit payable to such Former Participant under § 57-4] effective as of each annual anniversary date of the original commencement of the Former Participant's retirement benefit payments hereunder. Such cost-of-living adjustment shall be an amount equal to the percentage change in the Consumer Price Index during the last year times the retirement benefit payable under § 57-4 but shall not exceed the following limits:
(1) 
The percentage increase in the Consumer Price Index from the year in which the Former Participant was last employed as a police officer of the Township;
(2) 
The total retirement benefits payable under this Plan shall not exceed 75% of the Former Participant's Final Monthly Average Compensation;
(3) 
The total cost-of-living increase shall not exceed 30%; and
(4) 
The cost-of-living adjustment shall not impair the actuarial soundness of the Pension Fund.
B. 
Effective with the first monthly pension benefit paid after June 30, 2002, the Plan shall provide for a one-time post retirement adjustment to the eligible retired members of the Plan, the eligibility, amount and timing of such adjustment to be provided in accordance with Act 64 of 2002.
C. 
Effective January 1, 2020, cost-of-living adjustments shall be granted each January 1, based upon the percentage change in the Consumer Price Index for All Urban Consumers (CPI-U), U.S. City Average, during the year ended the previous September. At first January 1 after retirement, the cost-of-living adjustment will be based on the increase in the CPI-U during the partial year since the Former Participant's retirement. Former Participants who are receiving a pension as of January 1, 2020, will receive an increase based on the increase in the CPI-U during the partial year since their most recent cost-of-living adjustment.