(a) The Retirement Board may permanently retire any employee, appointive officer, and the Mayor who has reached age 55 with at least three years of service or who has become disabled. In the Police and Fire Departments, the requisite age for retirement shall be 45 with at least three years of service.

(b) Upon the retirement of any person, he or she shall be entitled to receive from the Retirement Fund an amount based upon the provisions found in the retirement ordinance. Any such pension may be increased by cost of living increases as provided for by the ordinance.