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(a)
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(1) Any recorder-treasurers and city treasurers in a city of the second class who shall have served as recorder-treasurer and city treasurer for a period of not less than ten (10) years, upon reaching the age of sixty (60), or who shall serve twenty (20) years without regard to age, may, upon a vote of approval by the governing body of the city, retire from office for the remainder of his or her life at the retirement pay provided for in this section.
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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)
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(1) Any recorder-treasurer or city treasurer or any person serving as recorder-treasurer or city treasurer who shall retire or be succeeded by another recorder-treasurer or 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.
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(2) The retirement pay shall be paid by the city from its general fund account.
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(c)
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(1) Upon the death of any recorder-treasurer or treasurer who retired under the provisions of subsection (a) of this section or any other state statute or any recorder-treasurer or 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 recorder-treasurer or treasurer married to the recorder-treasurer or treasurer for ten (10) years or longer may receive, at the option of the governing body of the city, one-half (½) of the retirement benefit the retired recorder-treasurer or treasurer was receiving or one-half (½) of the retirement benefit the recorder-treasurer or treasurer who died in office was entitled to receive.
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(2) Upon remarriage of the spouse, the benefits shall cease.
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