A. All retired volunteer firefighters who qualify for retirement shall be entitled to a monthly pension. The monthly pension of a volunteer firefighter shall be in the amount retired volunteer firefighters are receiving at the time the volunteer firefighter begins to receive a pension for each year of credited service not to exceed thirty (30) years. In determining the number of years of credited service, a fractional year of six (6) months or more shall be counted as one (1) full year and a fractional year of less than six (6) months shall not be counted in such determination. Retired volunteer firefighters of a municipality shall receive a pension of not less than that which retired volunteer firefighters of such municipality were receiving on June 30, 1985.

B. A volunteer firefighter who terminates service after completing ten (10) years of credited service, but less than twenty (20) years of credited service, shall be entitled to receive a vested benefit commencing on the date the firefighter reaches fifty (50) years of age or the date the firefighter would have had twenty (20) years of credited service had the firefighter's service continued uninterrupted, whichever is later. The monthly amount of such retirement benefit shall be the amount being paid to volunteer firefighters at the time the member vests multiplied by the number of years of credited service. Credited service must be established at the time of the volunteer firefighter's termination. If a volunteer firefighter who terminated employment and elected, or was eligible to elect, a vested benefit dies prior to being eligible to receive benefits, the volunteer firefighter's beneficiary, as defined in paragraph 16 of Section 49-100.1 of this title, shall be entitled to the volunteer firefighter's normal monthly retirement benefit on the date the deceased volunteer firefighter would have been eligible to receive the benefit.