§ 2.124.270 — Retirement for service

2.124.270 Retirement for service.

Any member who completes at least twenty (20) years of service in the aggregate, credited in the retirement system and attains the age of fifty-five (55) years, such service to be computed under Section 2.124.340 of this chapter, may retire for service at his or her option. Members shall be retired for service on the first day of the month next following the attainment by them of the age of seventy (70) years. Upon retirement for service, a member shall receive a service retirement allowance equal to the fraction of one-sixtieth of his or her final compensation, set forth opposite his or her age at retirement, taken and applied by interpolation of such fractions to the preceding quarter years in the following table multiplied by the number of years of service with which he or she is entitled to be credited: Age of Retirement | Exact | 1/4 | 1/2 | 3/4 55 | .661651 | .675352 | .689054 | .702755 56 | .716456 | .731194 | .745932 | .760670 57 | .775408 | .792478 | .809547 | .826616 58 | .843686 | .862193 | .880700 | .899208 59 | .917715 | .938286 | .958858 | .979429 60 | 1.000000 | 1.020345 | 1.040690 | 1.061036 61 | 1.081381 | 1.102392 | 1.124484 | 1.146036 62 | 1.167587 | 1.190568 | 1.213548 | 1.236529 63 | 1.259510 | 1.284134 | 1.308758 | 1.333382 64 | 1.358006 | 1.384468 | 1.410930 | 1.437392 65 & over | 1.463854 | | | The fractions herein set forth at ages other than sixty (60) are based on the interest rate and mortality tables used under the retirement system with respect to miscellaneous members on the effective date of this chapter and such fractions shall be adjusted by the board in accordance with such interest and mortality tables as the board may thereafter adopt with respect to such members under the provisions of Section 2.124.1970 of this chapter. (Prior code § 34.03.301)