A member, who shall have attained the age of 60 years, upon retirement on the basis of legislative service, shall receive a retirement allowance consisting of:
a. an annuity which shall be the actuarial equivalent of his accumulated deductions together with regular interest; and
b. a pension in the amount which, when added to the member's annuity, will provide a total retirement allowance of 3% of final compensation as a legislator, for each year of creditable service as a member of the Legislature. In no event shall the allowance payable under this section exceed two-thirds of final compensation.
c. The death benefit provided in P.L.1954, c. 84, s. 48(c) (C. 43:15A-48c) shall apply in the case of any member retiring under the provisions of this section.
d. No member shall be eligible to retire pursuant to this section until he has terminated all public service covered by the retirement system.