(a) Members retiring prior to May 1, 1991. In addition to normal retirement benefits under this article, any member who elects to remain on active service past 20 years shall receive two percent for each year of service calculated fractionally in accordance with section 102-246 to a maximum of 30 years and 60 percent of the highest current salary paid for that rank or grade held at the time of retirement. Thereafter and so long as the member is in retirement there shall be added to the amount of pension, as stated above, a rank escalator. This rank escalator shall consist of multiplying the percentage, which may include additional increases of two percent up to 60 percent, by any increase in the highest current salary earned for the retiree's grade or rank and by one-half of any longevity pay granted or paid to the rank or grade last occupied by the retirant immediately prior to retirement.

(b) Members retiring after May 1, 1991. For members who receive delayed retirement benefits for the first time after May 1, 1991, the following provisions apply. Any member who reaches 20 years of service prior to January 1, 1990, shall receive two percent per year from the member's 20th year of service until January 1, 1990; subsequent to January 1, 1990, members shall receive four percent per year to a maximum of 74 percent, regardless of years of service. Any member who reaches 20 years of service after January 1, 1990, shall receive four percent per year for each year over 20 years to a maximum of 74 percent, regardless of years of service. These percentages shall be subject to the same qualifying language regarding fractional and rank escalation calculation methodology found in subsection (a) of this section.

(c) Longevity component of benefit. In no case shall the longevity component of the pension benefit granted under this section exceed one-half of the maximum longevity benefit payable regardless of the total years of credited service. (Code 1979, § 15-97)