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(a)
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(1) A person who has served as mayor of a city of the second class for at least twenty (20) years may retire at any age, and a person who has served as a mayor of a city of the second class for at least sixteen (16) years may retire upon reaching sixty-five (65) years of age.
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(2) On January 1 of each year, if a retiree under this section has been retired for at least twelve (12) full months, up to a three percent (3%) cost-of-living increase will be added.
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(3) Subdivision (a)(2) of this section applies only if approved by the governing body of the city.
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(b) The governing body of a city of the second class may prescribe the retirement benefits of a person who has served as mayor of the city of the second class and meets the requirements of subsection (a) of this section.
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(c) Any mayor who retired before March 18, 1985, and received benefits under prior acts of the General Assembly shall be entitled to continue receiving benefits under the prior acts.
