(1) Upon approval of the governing body of any city of the first class, any person who has served as city treasurer of the city for a period of fifteen (15) years and who shall retire from office or be succeeded by another city treasurer shall, upon reaching sixty (60) years of age, receive for the remainder of his or her life the retirement pay provided for in this section.
(2) Any city treasurer who shall retire or be succeeded by another city treasurer within the provisions of this section shall be paid monthly a sum equal to one-half (½) of the monthly salary received by him or her during the last preceding year of his or her service.
(3) Upon approval by the governing body of the city, the retirement pay shall be paid by the city from its general fund account.