Additional compensation for certain retired public safety employees.

(b) The compensation paid to any public safety employee described in subsection (a) of this section shall be in an amount equal to the difference between (1) the total payment of benefits received by such employee under the provisions of chapter 568 and any other benefits, and (2) the regular rate of pay of such employee at the time of his or her retirement. Upon approval by the legislative body or board of selectmen, as applicable, in accordance with subsection (a) of this section, such compensation shall be paid annually to such employee and shall continue until such employee attains the age of sixty-five. (c) A municipality providing for compensation in accordance with this section shall establish procedures for the evaluation of any retired public safety employee considered for such compensation to determine such person's eligibility.