Upon retirement, each member described in § 3-12C-1629 who is a vested inactive member on July 1, 1996, or an active firefighter in the employ of the city of Mitchell on July 1, 1996, shall receive the greater of:
(1) The member's retirement benefit calculated under this chapter; or
(2) The member's retirement benefit calculated under the city of Mitchell firemen's pension plan based on credited service up to June 30, 1996, and compensation up to June 30, 1996, and utilizing the plan's benefit terms and benefit formula, but applying the system's COLA, as specified in § 3-12C-1630.
In either case, the retirement benefit shall be paid from the fund established by this chapter.