1.    A monthly service pension must be paid to members of the association with the following qualifications:

Percent of first-class Years of                 firefighter’s monthly salary Years of                                 age at                 on January first during year service                                 retirement                 the pension is paid 20                                         50                                     40% 21                                         51                                     42% 22                                         52                                     44% 23                                         53                                     46% 24                                         54                                     48% 25                                         55                                     50% 26                                         56                                     52% 27                                         57                                     54%    28                                         58                                     56% 29                                         59                                     58% 30                                         60                                     60% 2.    Except for members participating in a firefighters relief association paying a monthly service pension to members of the association under subsection 4 or 5, all members must serve twenty years before they are eligible for a service pension. Members participating in a firefighters relief association paying a monthly service pension to members of the association under subsection 4 or 5 must serve ten years before they are eligible for a service pension. However, any member who has twenty years of service or ten years of service with a firefighters relief association paying a monthly service pension to members of the association under subsection 4 or 5, and who has not attained retirement age may retire from the department without forfeiting the right to a service pension. The association, in its bylaws, may establish a retirement age of not less than fifty years, at which time the service pension becomes payable. This retirement age may be established for all firefighters or classes of firefighters by birth dates. A person who has served twenty years or ten years with a firefighters relief association paying monthly service pensions to members of the association under subsection 4 or 5 and who is separated from service must, upon application, be placed on the deferred pension roll of the association, and after reaching retirement age, the association shall, upon application therefor, pay the service pension from the date the member attains eligibility at a rate of forty percent of the monthly salary of a first-class firefighter as determined on January first of the year in which the pension is paid. Any person making such application waives all other rights, claims, or demands against the association for any cause, except those causes that may have arisen from, or that may be attributable to, the person’s service on the fire department.

3.    With the consent of the governing body of the city involved, and in substitution for the pension payment schedule provided in subsection 1, a firefighters relief association shall pay a monthly service pension to members of the association with the following qualifications, the following amounts:

Percent of first-class firefighter’s monthly salary Years of                                 Years of                on January first during year service                                 age                             the pension is paid 20                                         50                                         40% 21                                         51                                         42% 22                                         52                                         44% 23                                         53                                         46% 24                                         54                                         48% 25                                         55                                         50% 26                                         56                                         52% 27                                         57                                         54% 28                                         58                                         56% 29                                         59                                         58% 30                                         60                                         60% 4.    With the consent of the governing body of the city involved, and in substitution for the pension payment schedule provided in subsection 1 or 3, a firefighters relief association shall pay a monthly service pension to members of the association with the following qualifications, the following amounts:

Percent of first-class firefighter’s monthly salary Years of                                 Years of                on January first during year service                                 age                             the pension is paid 10                                         50                                     20% 11                                         50                                     22% 12                                         50                                     24% 13                                         50                                     26%    14                                         50                                     28% 15                                         50                                     30% 16                                         50                                     32% 17                                         50                                     34% 18                                         50                                     36% 19                                         50                                     38% 20                                         50                                     40% 21                                         51                                     42% 22                                         52                                     44% 23                                         53                                     46% 24                                         54                                     48% 25                                         55                                     50% 26                                         56                                     52% 27                                         57                                     54% 28                                         58                                     56% 29                                         59                                     58% 30                                         60                                     60% 5.    With the consent of the governing body of the city involved, upon the advice of its actuary that the pension schedule can be implemented on an actuarially sound basis and notification to the legislative management’s employee benefits programs committee, and in substitution for the pension payment schedule provided in subsection 1, 3, or 4, a firefighters relief association shall pay a monthly service pension to members of the association with the following qualifications, the following amount:

Percent of first-class firefighter’s monthly salary Years of                                 Years of                on January first during year service                                 age                             the pension is paid 10                                         50                                     20% 11                                         50                                     22% 12                                         50                                     24% 13                                         50                                     26% 14                                         50                                     28% 15                                         50                                     30% 16                                         50                                     32% 17                                         50                                     34% 18                                         50                                     36% 19                                         50                                     38% 20                                         50                                     40% 21                                         51                                     43% 22                                         52                                     46% 23                                         53                                     49% 24                                         54                                     52% 25                                         55                                     55% 26                                         56                                     58% 27                                         57                                     61% 28                                         58                                     64% 29                                         59                                     67% 30                                         60                                     70% 6.    Benefits with respect to a member may not exceed the maximum benefits specified under section 415 of the Internal Revenue Code; 26 U.S.C. § 415 for governmental plans. This section does not constitute an election under section 415(b)(10)(C) of the Internal Revenue Code; 26 U.S.C. § 415(b)(10)(C).