There shall be paid by the administrator to covered firefighter employees eligible for retirement due to age or service, the following benefits:

     (1)    To a covered employee retired after January 4, 1993, on account of age or service, with less than twenty (20) years of active service, a normal retirement benefit equal to two (2) per cent of his highest average salary multiplied by the number of years of active service.

     (2)    To a covered employee retired after October 2, 2000 , on account of length of service and who has completed at least twenty (20) years of service, a normal retirement benefit equal to seventy (70) per cent of his highest average salary plus two (2) per cent per year for each year of active service in excess of twenty (20) years, up to a maximum benefit of eighty (80) per cent of the highest average salary of the covered employee.

     (3)    For covered employees retiring after January 4, 1993, the normal retirement benefit shall be increased on the anniversary date of the covered employee's retirement by two (2) per cent of the current retirement benefit.

     (4)    Applications for benefits shall be upon a form designated by the administrator. Upon approval of any application for benefits by the administrator, the applicant shall become entitled to receive payment thereof on the last day of the month immediately following the month in which employment ends.

     (5)    Any claimant denied retirement benefits or any covered firefighter employee aggrieved by a decision of the board granting benefits may appeal the decision to the FRB under the rules established by section 18-74(c).

(Code 1964, § 9.1980; Ord. No. 10299, § 1, 9-4-84; Ord. No. 13555 § 1, 1-4-93; Ord. No. 14597, § 1, 8-21-95; Ord. No. 16632, § 1, 10-2-00)