Section twelve of the same Act is further amended to read as follows: "SEC 12. Retirement benefits.
Section 5
SEC. 5. Section twelve of the same Act is further amended to read as follows: "SEC 12. Retirement benefits.—(a) Upon reaching the age of sixty years and after having paid at least one hundred twenty monthly contributions to the System, or upon being totally and permanently disabled after having paid at least thirty-six monthly contributions, a covered employee shall have the option to retire and shall be entitled for as long as he lives but in no case for less than five years to a monthly basic pension amount to be computed as follows: "Thirty per cent of the first three hundred pesos of the average monthly salary credit or fraction thereof; "Six per cent of the excess over three hundred pesos; plus one sixteenth of one per cent of the average monthly salary credit for each monthly contribution in excess of one hundred twenty: Provided, That a member of the System covered prior to June eighteen, nineteen hundred sixty-two and who was fifty years of age or over on the date of his coverage shall be entitled to the benefits here-under if he has paid a number of monthly contributions equivalent to twelve times the difference between his age at coverage and sixty, but in no case less than twenty-four: Provided, further, That the monthly pension shall in no case be less than thirty pesos. "(b) A covered member who is sixty years of age and who does not qualify for pension benefits under paragraph (a) above, shall be entitled to a lump sum benefit equal to the total contributions paid by him and in his behalf, provided that he is separated from employment and is not continuing payment of contributions to the System. on his own. "(c) The monthly pension shall be suspended: "(1) Upon the re-employment of a retired employee who is less than sixty-five years old if he receives from his employment a monthly compensation of more than one hundred twenty pesos, in which case, he shall again be subject to Selection eighteen hereof, and his employer to Section nineteen; or "(2) Upon the recovery of an employee retired due to total and permanent disability. "(d) The monthly pension of a member retired before July first, nineteen hundred sixty-six shall be recomputed m accordance with paragraph (a) of this section and the amount shall be his new monthly pension beginning with said date." "SEC. 13. Death and permanent disability benefits.—