Section 10. Payment of Benefits.--(a) Monthly payments for immediate pensions shall be payable beginning with the first full calendar month following the month in which retirement occurs or the calendar month in which application for pension is made, whichever is later.
(b) The first of any deferred vested pension shall be paid as follows:
(1) for pensions commencing after attainment of age 60, the later of: (i) the calendar month next following the member's 60th birthday, or (ii) the calendar month in which the application for such payment is made; or
(2) for pensions commencing prior to attainment of age 60, the later of: (i) the calendar month next following the member's 50th birthday, or (ii) the calendar month in which application for such pension is made.
(c) The last payment of any pension shall be payable for the month in which the death of the pensioner shall occur.
(d) A pension payable under this act shall cease when the pensioner returns to city employment. Pension payments shall be resumed upon subsequent discontinuance of service.