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on any such contribution beg~_r~niD~ a~ the end of <br />the fiscal year in which each such contribution <br />was made. <br /> <br /> (e) Upon the retirement of a mamber, his <br />acc~nulated contributions shall be transferred <br />frcm the maT£oers' contrfoution acco,gut to the re- <br />tirement allowance account. <br /> <br /> (f) In the even~ of the death or tenuination <br />of service of a member prior to retiramenv under <br />cir=umstances whereby no refund of accumulated <br />contributions is payable, the accumulated contri- <br />butions of such me~foer shall be transferred fram <br />the members' contribution accomnt to the retire- <br />ment allowance account. <br /> <br />Sec. 26-32. Service retirement allowance. <br /> <br /> Upon service retirement on or after July 1, <br />1966, a mamber shall receive an annual retirement <br />allowanc% payable monthly to hLm for life, which <br />shall consist ir. the case of: <br /> <br /> (a) Normal retirement: An amount equal to <br />one per cent~u of the first six thou~a~d dollars <br />of the mamber's average final ccn~pensation, plus <br />one and one-half per centum of suc~ average final <br />compensation in excess of six thoasand dollars, <br />multiplied by the number of yesrs of the member's <br />creditable service; or in the case of <br /> <br /> (b) Early retir~nent: An amount which shall <br />be determined in the same manner as for retirement <br />at the member's normal retirement date with years <br />of creditable service ~nd average final campen- <br />sation beirg determined as of the date of his <br />actual retirament, and wit~ the amount of the re- <br />tiramen~ allowance so detemmined being reduced on <br />an actuarial equixalent basis for the period by <br />~fnich ~is actual retiramenv date precedes his. <br />no~nal retirament date. <br /> <br />-2- <br /> <br /> <br />