Amount of service pension

(a) The amount of the monthly service pension payable to a retired member is: (i) Two and eight-tenths percent (2.8%) of his final average compensation multiplied by the number of years in his first twenty-five (25) years of his period of credited service. (ii) Repealed By Laws 2000, Ch. 43, § 2. (iii) Repealed By Laws 2008, Ch. 112, § 2. (b) For purposes of this section, credited service shall be measured in years taken to the nearest twelfth (1/12) of a year. (c) Benefits shall not be payable under the pension system to the extent that they exceed the limitations imposed by section 415(b) of the Internal Revenue Code.