§ 16.70-4. ALLOWANCE PAYABLE FOR TIME COMMENCING 7/1/74.

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For time commencing on July 1, 1974, the service retirement allowance of any member who retires for service on or after January 1, 1972, as a member entitled to a service retirement allowance calculated according to the provisions of Paragraph (b) of Section 16.70-1 of this Code, shall be a service retirement allowance at the rate of two percent of the average monthly compensation earned by him during any consecutive 12 months of credited service in the Retirement System in which such average is the highest for each year of service credited in the Retirement System. Such allowance shall be in lieu of the service retirement allowance to which such person would be entitled under the provisions of said Paragraph (b) of Section 16.70-1. In no event shall a member's retirement allowance, as increased under the provisions of this Section, exceed 75 percent of his average final compensation.
This Section is not applicable to any persons whose retirement allowance was first effective prior to January 1, 1972. This Section does not give any member or the beneficiary of any member, or his successors in interest, any claim against the City and County for any increase in any retirement allowance payable to or on account of any member for time prior to July 1, 1974.
(Added by Ord. 50-75, App. 2/20/75)

                    
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