2560                               Municipal Charters

(1)    If the participant was hired on or after January 1, [1956]
1958, his normal retirement pension shall be an amount equal to two per
cent of his final earnings for each year of faithful service which is not
in excess of twenty-five years, plus an additional one per cent of such
final earnings for each year of faithful service after the first twenty-five
years; provided that the total years shall not exceed thirty-five or sixty
per cent of final earnings.

(2)    If the participant was hired prior to January 1, [1956], 1958,
and has performed at least twenty years of faithful service, his normal
retirement pension shall be an amount equal to fifty per cent of his final
earnings, plus an additional two per cent of such final earnings for each
year of faithful service after twenty years; provided, that the total years
shall not exceed thirty or seventy per cent of final earnings [; provided,
however, that in the case of a participant who did not elect to become
covered under this plan within seven days after he first became eligible
or before August 31, 1966, with respect to a current employee or in the
case of a participant who elects to discontinue making participant's con-
tributions hereunder (other than in the case of a participant on an
approved leave of absence), the service of such participant for the pur-
poses of this subsection (a) shall be limited to the period during which
he made participant's contributions under this plan].

(b) Elective early retirement pension. A participant who [was
hired on or after January 1, 1956, and who has attained his fiftieth birth-
day but not his fifty-fifth birthday and] has completed at least twenty
years of service may retire early and shall thereupon be entitled to receive
commencing on the first day of the month coinciding with or next following
his date of retirement a reduced annual pension equal to the actuarial
equivalent, determined by the insurance company, of his accured normal
pension computed in accordance with the provision of subsection (a)
above on the basis of the participant's service completed prior to actual
retirement.

Section 14-304

In the event that the current average of the twelve most recently
published monthly indices [figures] of the Consumer Price Index—U. S.
City Average—All items—(1957-1959 base) increases as of any July first
after the retirement of a participant, including retirement due to total
and permanent disability, over the corresponding average index as of the
participant's date of retirement, then the amount of his monthly pension
payable thereafter shall be increased by the same percentage by which
such current average index exceeds the corresponding average index as of
his date of retirement; provided, that:

(a)    If the current average consumer price index on any July first
is less than the corresponding average index forming the basis for his
monthly pension immediately prior to July first, then the amount of the
participant's monthly pension payable thereafter shall be reduced so that
the reduced amount shall represent the same percentage of his pension at
retirement as the percentage which such current average index represents
of the corresponding average index as of his date of retirement.

(b)    The total amount of the participant's monthly pension shall
not be increased or decreased by more than four per cent as of any July
first, nor shall such pension be reduced below the initial amount payable
upon his retirement.