§ 2-40. Computation of payments.

Latest version.

The amount of annual pension (payable monthly for life) will equal the sum of 3/4 of 1% of the first $4,800 of average annual earnings prior to the normal (earlier or disability) retirement age, plus 1 1/2% of the excess over $4,800 of such earnings, multiplied by the total years of service at the normal (earlier or disability) retirement age, counting any remaining months of service as 1/12 of a year.

Ord. of 12-17-1964

                    
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