(a) Eligibility. A FPDR Two Member shall be eligible to receive a retirement benefit upon termination of employment with the Bureau of Fire or Police on or after attaining age 50 if the FPDR Two Member has 25 or more Years of Service or on or after attaining age 55. A FPDR Two Member receiving disability benefits under Section 5‑306 or 5‑307 shall be eligible to receive a retirement benefit at Disability Retirement Age, which shall be the earlier of the date the FPDR Two Member earns 30 Years of Service under Section 5‑302 or the date the FPDR Two Member attains social security retirement age. For purposes of this subsection, social security retirement age means the retirement age provided in Section 216(l)(1) of the Social Security Act.
(b) Amount of Benefit. The retirement benefit shall be 2.2 percent of the FPDR Two Member's Final Pay times the FPDR Two Member's Years of Service. The amount shall not exceed the maximum benefit permissible under Section 415 of the Internal Revenue Code of 1986 or any successor provision, and regulations issued thereunder, as they may be amended from time to time. The provisions of such Section 415 or its successor, and such regulations, are incorporated by this reference.
(c) Form of Benefit. One‑twelfth of the retirement benefit shall be payable monthly for the life of the FPDR Two Member, commencing with the month following retirement. The benefit shall be adjusted as provided in Section 5‑312.
(d) FPDR Three retirement benefits shall be provided as set out in the Oregon Public Employees Retirement System, as amended, and funded in accordance with this Chapter. The Fund shall pay the employee contribution required by the Public Employee Retirement System statutes. A FPDR Three Member shall also be credited with a contribution of three percent (3%) of salary, as defined in the PERS statute and accompanying rule and regulations, to the Individual Account Plan, or successor defined contribution plan established under the Public Employees Retirement System. If the City of Portland is required by law, or the Members elect to enter the federal Social Security system, the three percent (3%) of salary contribution to the Individual Account Plan, or successor defined contribution plan under the Public Employees Retirement System in this subsection shall cease as to those affected Members.