A. To be eligible for retirement benefits as herein provided:
(1) The applicant shall not be then in the service of the municipality for which remuneration is paid;
(2) He shall have attained the age of sixty years;
(3) He shall have completed, for the minimum benefit, not less than twenty years of creditable service as herein defined;
(4) He shall make application therefor.
B. Nothing in this Section shall be construed as compelling an official to retire on becoming eligible for retirement. Application for retirement benefits may be made any time subsequent to date of eligibility.