(a) Upon approval of the governing body of any city of the first class, any person who has served as city treasurer of the city for a period of fifteen (15) years and who shall retire from office or be succeeded by another city treasurer shall, upon reaching sixty (60) years of age, receive for the remainder of his or her life the retirement pay provided for in this section.
(b) (1) Any city treasurer who shall retire or be succeeded by another city treasurer within the provisions of this section shall be paid monthly a sum equal to one-half (½) of the monthly salary received by him or her during the last preceding year of his or her service.(2) Upon approval by the governing body of the city, the retirement pay shall be paid by the city.
(1) Any city treasurer who shall retire or be succeeded by another city treasurer within the provisions of this section shall be paid monthly a sum equal to one-half (½) of the monthly salary received by him or her during the last preceding year of his or her service.
(2) Upon approval by the governing body of the city, the retirement pay shall be paid by the city.
(c) (1) Upon the death of a treasurer who retired under the provisions of subsection (a) of this section or a treasurer who dies in office after becoming eligible to retire under subsection (a) of this section or any other state statute, the legally recognized spouse of the treasurer married to the treasurer for ten (10) years or longer may receive, at the option of the governing body of the city:(A) One-half (½) of the retirement benefit the retired treasurer was receiving; or(B) One-half (½) of the retirement benefit the treasurer who died in office was entitled to receive.(2) Upon remarriage of the spouse, the benefits shall cease.
(1) Upon the death of a treasurer who retired under the provisions of subsection (a) of this section or a treasurer who dies in office after becoming eligible to retire under subsection (a) of this section or any other state statute, the legally recognized spouse of the treasurer married to the treasurer for ten (10) years or longer may receive, at the option of the governing body of the city:(A) One-half (½) of the retirement benefit the retired treasurer was receiving; or(B) One-half (½) of the retirement benefit the treasurer who died in office was entitled to receive.
(A) One-half (½) of the retirement benefit the retired treasurer was receiving; or
(B) One-half (½) of the retirement benefit the treasurer who died in office was entitled to receive.
(2) Upon remarriage of the spouse, the benefits shall cease.