SECTION 1. Subdivision (2) of Section 10 of Chapter 32, as most recently amended by Section 46 of Chapter184 of the acts of 2002, is hereby further amended by inserting after paragraph (a), the following paragraph :-

                        (a 1/2) Any member who has completed thirty or more years of creditable service and whose resignation becomes effective after he attains age fifty but prior to attaining age sixty, shall receive a normal yearly amount of retirement allowance which shall be based on two-and two-tenths of the annual rate of regular compensation received during any period of three consecutive years of creditable service for which such rate of compensation was the highest multiplied by the total years of creditable service; provided, that such member has paid the full amount of regular deductions on the total income of regular compensation, including deductions specified in subdivision (3A) of section three and in paragraph (d) of subdivision (1) of section twenty-two. The total normal yearly amount of the retirement allowance of any member as determined in accordance with the provisions of this section, shall not exceed four fifths of the average annual rate of his regular compensation used in determining a retirement allowance under this paragraph. Any member who is a veteran as defined in section one, shall receive an additional yearly retirement allowance of fifteen dollars for each year of creditable service or fraction thereof; provided, however, that the total amount of said additional retirement allowance shall not exceed three hundred dollars in any case.