(a) Upon approval by the governing body, a city of the first class or city of the second class may provide for retirement benefits established by this section for a city attorney elected or appointed to office.
(b) In all cities of the first class and cities of the second class in this state, any person who shall serve as city attorney of the city for a period of not less than ten (10) years, upon reaching age sixty (60), or any person who shall serve as a city attorney for a period of not less than twenty (20) years, without regard to age, shall be entitled to retire at an annual retirement benefit during the remainder of his or her natural life, payable at the rate of one-half (½) of the salary payable to the city attorney at the time of his or her retirement.
(c) All payments of retirement benefits under this section shall be payable monthly and shall be paid from the general funds of the city.