In a city which has created a pension fund and board in accordance with this subchapter, an employee 60 years of age or older who has been employed for a period of 20 years or more shall, upon application to the board, be retired from service and shall, subject to qualifications provided in this subchapter during the remainder of the employee's life, receive the pension or compensation fixed by this subchapter.
11 Pa.C.S. § 14342