The board may retire without regard to the length of service, any fireman or policeman who attains the age of 65 years. Any person so retired, who has as much as 20 years of creditable service, shall be paid monthly from the fund as provided in Section 45–57A–62.15. Any person so retired who has less than 20 years of creditable service shall be paid monthly from the fund, a sum equal to two percent of the amount of the monthly salary he or she was receiving at the time of his or her retirement, multiplied by the whole number of years he or she served in the department prior to retirement. No compensation paid under this section shall exceed one hundred seventy-five dollars ($175) per month.

(Acts 1947, No. 13, p. 7, § 15; Acts 1967, No. 602, p. 1390, § 2; Acts 1971, No. 1807, p. 2974, § 1.)