A member shall, upon the first day of the month following retirement at his or her
delayed retirement date, receive a monthly retirement benefit which shall commence
on such delayed retirement date and shall be continued on the first day of each month
thereafter during the lifetime of the member. The amount of each such monthly retirement
benefit shall be determined in the same manner as for retirement at his early or normal
retirement date, whichever the member both choses and is eligible for, except that
credited service shall be determined as of actual retirement date. In no event shall
this benefit exceed one hundred (100) percent of the member's average final compensation,
and the member shall not be entitled to any back payments to which the member would
have been entitled had the member retired on the date the member was eligible to do
so.
