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<br />C. 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:
<br />
<br />1. Effective July 1, 2007, excluding the current City Manager, for participants who
<br />terminated on or after January 1, 2006, one and sixty hundredths percent of the final
<br />average compensation multiplied by the total period of creditable service, in years and
<br />months.
<br />
<br />Effective July 1,2006, for participants who terminated on or after January 1, 2005, but
<br />prior to January 1, 2006, one and fifty hundredths percent of fmal average compensation
<br />multiplied by the total period of creditable service,.in years and months.
<br />
<br />For participants who terminated on or after September 1,2004, but prior to July 1,2005,
<br />one and forty hundredths percent of the final average compensation multiplied by the
<br />total period of creditable service, in years and months. For participants who terminated
<br />on or after January 1, 2003, but prior to September 1, 2004, one and thirty-five
<br />hundredths percent of the final average compensation multiplied by the total period of
<br />creditable service, in years and months. For participants who terminated after January 1,
<br />2000, but prior to January 1, 2003, one and one-tenth percent of the final average
<br />compensation multiplied by the total period of creditable service, in years and months,
<br />effective through February 28,2001; and effective March 1,2001, one and three-tenths
<br />percent of the final average compensation multiplied by the total period of creditable
<br />service, in years and months. For participants who terminated between June 1, 1994 and
<br />January 1, 2000, one and one-tenth percent of the final average compensation multiplied
<br />by the total period of creditable service, in years and months. For participants who
<br />terminated prior to June 1, 1994, the benefit shall be computed using the formula in effect
<br />on the termination date. For participants who terminated on or after July 1, 2002, such
<br />participants shall receive an additional one-half of one percent of their final average
<br />compensation in excess of the breakpoint amount at the time of termination multiplied by
<br />the total period of creditable service, in years and months up to a maximum of thirty- five
<br />(35) years; the breakpoint amount shall be thirty-two thousand dollars ($32,000.00) in
<br />2002, but shall increase by one thousand dollars ($1,000.00) per year thereafter, effective
<br />the first day of each successive year. Effective January 1, 1997, for participants who
<br />terminated between December 1, 1996 and June 30, 2002, such participants shall receive
<br />an additional one-quarter of one percent of their final average compensation in excess of
<br />the breakpoint amount at the time of termination multiplied by the total period of
<br />creditable service, in years and months up to a maximum of thirty-five (35) years; the
<br />breakpoint amount shall be twenty-six thousand dollars ($26,000.00) in 1996, but shall
<br />increase by one thousand dollars ($1,000.00) per year thereafter, effective the first day of
<br />each successive year;
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