Any full-time police officer who has completed at least 12 years of total service with the Township and who then retires before becoming eligible for full pension benefits shall be paid a partial superannuation retirement allowance determined by applying the percentage which his years of actual service bears to the years of service which he would have rendered had he continued to work until his superannuation retirement date and then applying such percentage to the full monthly pension benefits to which he would have been entitled had he worked to his superannuation retirement date; provided, nevertheless, that, for this purpose, such full monthly pension benefits shall be computed by using the police officer's average monthly salary for the thirty-six-month period preceding his date of actual retirement. Such superannuation benefit shall be payable to an officer commencing on the date on which he would have satisfied the service and age requirements for full pension benefits had he lived and continued in service as a police officer for Lower Moreland Township. A police officer may elect, in place of the foregoing benefits, to take a full refund of contributions, with interest, computed in accordance with §
45-14, in which case the right to any further benefits is thereby terminated and forfeited. The election provided for above shall be made in writing within 30 days of the retirement of the officer from the service of Lower Moreland Township. The provisions of this subsection shall apply to termination of service as a full-time police officer for any reason, except death or disability. In the event of death or disability, the benefits applicable in such events under this article shall apply.
