14-10a08.   Payments upon retirement or discharge from police or firedepartment.Any officer or member of any such police department or fire departmentwho has served 22 years or more on such department andhas reached the age of 50 years may make application to be retired, andif such application is made the respective board of trustees shall retiresuch officer or member and shall pay such officer or member monthlypayments in amounts equal to 50% or, for those whoretire on or after July 1, 1994, 55% of such officer ormember's monthly salary at the date of retirement. If such officer ormember has been discharged from such department by reason of disability orany other reason other than for conviction of a felony, orif such officer or member voluntarily terminated employment with suchdepartment, after such officer or member hasserved 22 or more years in such department, the respectiveboard of trustees shall order and direct that such person, uponattaining the age of 50 years, be paid monthly payments in amountsequal to 50% or, for those who retire on or after July 1,1994, 55% of the monthly salary of such officer or memberat thedate of discharge. No person who retires after the effective date of thisact shall be paidany benefits under the provisions of this section while such person isa nonelective officer or employee of any municipal or quasi-municipalcorporation 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.