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-11- <br /> Ca) he has reached the age of 50 years or over , <br /> • (b.) he has completed 20 or more years of service as an <br /> active member of the Fire Department., and <br /> (c) he has been a member of the association in good <br /> standing .for 10 or more years . <br /> In no event, however, shall .the amount payable for each year of service <br /> exceed the maximum amount allowed by law based on- the average amount <br /> of available financing per active covered firefighter. <br /> Section 3. A member of the association who separates from active <br /> service with the St. Anthony Fire Department before reaching the age of <br /> 50 years shallbe placed on the deferred pension roll if he satisfies <br /> both of the following requirements at the time of such separation : <br /> (a) he has completed 20 or more years of service as an <br /> active member of the Fire Department, and <br /> (b) he has been a member of the association in good <br /> standing for 10 or more years . <br /> When he- reaches the age of 50 years , upon proper application, he shall <br /> be paid the sum of $600 . 00 for each year of service as an active member <br /> of the Fire Department. In no event, however, shall the amount payable <br /> for each year of service exceed the maximum amount allowed by law based <br /> on the average amount of available-financing per active covered fire- <br /> fighter. During the time a member. is on the deferred pension roll, he <br /> shall continue to pay his dues and assessments ; but, he will not be <br /> eligible to receive any of the benefits provided for in Article VII and <br /> will not receive any additional years of service credit for computing <br /> his pension. ;Pensions payable to members on the deferred- pension roll <br /> shall be based on the amount payable per year of service in effect at <br /> the time of such separation. <br /> Section 4 . No less than 30 days before the commencement of payment <br /> of the pension, a member of this association may make an irrevocable <br /> election that- such pension shall be paid to him in a number of annual <br /> installments . If the member who has made such an election dies before <br /> all of his pension has been paid to him, any amount thereof remaining <br /> unpaid at the time of his death shall be paid to his beneficiary , and if _ <br />