Yes. Currently, an officer who retires after accruing 20 full years of service credit will receive a Formula Annuity of approximately $2,000 per month more than an officer who retires with only 19 years and 11 months and receives a Money Purchase Annuity. In addition, the officer receiving a Money Purchase Annuity will NOT be eligible for future cost of living annual increases. Instead, the officer will receive a refund of the amount contributed for that purpose calculated as ½% of his or her total pensionable earnings, without interest, contributed to the Fund while active.