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-12- <br /> no beneficiary has been named, to his surviving spouse, child or <br /> _children. . The amount of the installment payments shall be determined <br /> • so that the present value of the aggregate installment payments compute <br /> at an interest rate of 5% , compounded annually , is equal to the amount <br /> of the single lump sum payment which would have been made had the install- <br /> inent- .payment option not been elected. The association shall add interest, <br /> compounded annually, at the rate actually earned .on the assets 'of the <br /> Special .Fund, but .not to exceed 5% per year, to the unpaid amount of <br /> installments owed to. any member who has made .an installment election, <br /> or to his survivors . <br /> Section 5 .. If a member shall have served. for. more - than 10 years , <br /> but less than 20 years , as an . active firefighter in the St.. Anthony Fire <br /> Department, and has. been a member in good standing of the association <br /> for at least 10 years , - he may retire from said Fire Department and be <br /> placed on the early vested .pension roll.:. When he reaches. the age of <br /> 50 years Cor, if later, when he retires :from-;:.the''Fire Department) ..he <br /> shall upon application therefor, be paid in the following manner: <br /> (a), for active duty of more .than 10 years , but less <br /> • than 11 years , 60% of the amount- per year of <br /> service which would have been earned, had the <br /> member served for 20 years or more; <br /> (b) for active duty of more than .11 years , but less <br /> than 20 years , 4% of the amount per year of <br /> -service which would have been earned, had the <br /> member served for 20 years- or more , shall be <br /> added to. all years of service for each additional <br /> year of service .between 11 and 20 years ; <br /> during the time that anymember is on the early <br /> vested pension. roll;. he shall continue to pay his <br /> dues and assessments ; but he will not be eligible <br /> to receive any of the benefits provided for in <br /> Article VII and .will not receive any additional <br /> years of service credit in computing his pension. <br /> Pensions .payable . to members on the early vested <br /> pension roll shall be based on the amount payable <br /> per year of- service. in effect at the time of <br /> such early retirement. <br />