14-10a08. Payments upon retirement or discharge from police or fire department.
14-10a08
14-10a08. Payments upon retirement or discharge from police or fire
department.
Any officer or member of any such police department or fire department
who has served 22 years or more on such department and
has reached the age of 50 years may make application to be retired, and
if such application is made the respective board of trustees shall retire
such officer or member and shall pay such officer or member monthly
payments in amounts equal to 50% or, for those who
retire on or after July 1, 1994, 55% of such officer or
member's monthly salary at the date of retirement. If such officer or
member has been discharged from such department by reason of disability or
any other reason other than for conviction of a felony, or
if such officer or member voluntarily terminated employment with such
department, after such officer or member has
served 22 or more years in such department, the respective
board of trustees shall order and direct that such person, upon
attaining the age of 50 years, be paid monthly payments in amounts
equal to 50% or, for those who retire on or after July 1,
1994, 55% of the monthly salary of such officer or member
at the
date of discharge. No person who retires after the effective date of this
act shall be paid
any benefits under the provisions of this section while such person is
a nonelective officer or employee of any municipal or quasi-municipal
corporation receiving compensation from public funds.
History: L. 1945, ch. 144, § 8; L. 1975, ch. 105, § 2; L. 1976,
ch. 85, § 2;
L. 1994, ch. 293, § 2; July 1.