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<br />Upon retirement on the normal retirement date or an extended service retirement date, a
<br />member shall receive a pension beginning on the day after the employee retires from the
<br />city service equal to:
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<br /> Effective January 1, 2003, for participants who terminated on or after January 1, 2003,
<br />one and thirty-five hundredths percent of the final average compensation multiplied by
<br />the total period of creditable service, in years and months.
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<br />For participants who terminated after January 1, 2000, but prior to January 1, 2003, one
<br />and one-tenth percent of the final average compensation multiplied by the total period of
<br />creditable service, in years and months, effective through February 28, 2001; and
<br />effective March 1, 2001, one and three-tenths percent of the final average compensation
<br />multiplied by the total period of creditable service, in years and months. For participants
<br />who terminated between June 1, 1994 and January 1, 2000, one and one-tenth percent of
<br />the final average compensation multiplied by the total period of creditable service, in
<br />years and months. For participants who terminated prior to June 1, 1994, the benefit
<br />shall be computed using the formula in effect on the termination date. For participants
<br />who terminated on or after July 1, 2002, such participants shall receive an additional one-
<br />half of one percent of their final average compensation in excess of the breakpoint
<br />amount at the time of termination multiplied by the total period of creditable service, in
<br />years and months up to a maximum of thirty-five (35) years; the breakpoint amount shall
<br />be thirty-two thousand dollars ($32,000.00) in 2002, but shall increase by one thousand
<br />dollars ($1,000.00) per year thereafter, effective the first day of each successive year.
<br />Effective January 1, 1997, for participants who terminated between December 1, 1996
<br />and June 30, 2002, such participants shall receive an additional one-quarter of one
<br />percent of their final average compensation in excess of the breakpoint amount at the
<br />time of termination multiplied by the total period of creditable service, in years and
<br />months up to a maximum of thirty-five (35) years; the breakpoint amount shall be
<br />twenty-six thousand dollars ($26,000.00) in 1996, but shall increase by one thousand
<br />dollars ($1,000.00) per year thereafter, effective the first day of each successive year;
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<br />For employees hired prior to January 1, 1973, the greater of the pension payable under
<br />subsection (C)(1) of this section, or the sum of subsection (C)(2)(a) and (b) of this
<br />section multiplied by 1.25 for participants who terminated prior to December 31, 1996,
<br />by 1.37 for participants who terminated between December 31, 1996 and June 30, 2001,
<br />and by 1.62 for participants who terminated on or after July 1, 2001:
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<br />Two-thirds of one percent of the final average compensation plus one percent of
<br />the final average compensation in excess of six thousand six hundred dollars
<br />($6,600.00); all multiplied by the period of creditable service, in years and months,
<br />rendered prior to January 1, 1968.
<br />Two-thirds of one percent of the final average compensation plus one percent of
<br />the final average compensation in excess of the average Social Security base;
<br />multiplied by the period of creditable service in years and months, rendered
<br />subsequent to January 1, 1968.
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