For bargaining unit employees who are Part B members of the Pension Plan, Section 30-12 of the Pension Ordinance shall be modified, effective May 1, 2006, to reflect the following: Any member who is hired by the Board of Education on or after May 1, 2006 and shall have attained the age of 65 years and completed 15 years of credited service or attained the age of 62 years and completed 35 years of credited service shall be eligible for retirement from active service and for a normal unreduced retirement allowance. Any member who is hired by the Board before May 1, 2006 and who retires on or after May 1, 2006 and who becomes eligible for a normal retirement by attaining at least the age of 55 and having at least 25 years of credited service or by attaining at least the age of 60 and having at least 10 years of credited service, and does not retire shall earn the following annual pension supplement for each full year beyond their normal retirement date: Years after Normal Retirement Supplement Amount 1 $600 2 $1200 3 $1800 4 $2400 5 $3000 Each full year over 5 $600.