§ 24-5-114 - Eligibility for benefits -- Early retirement.
24-5-114. Eligibility for benefits -- Early retirement.
(a) In addition to retirement as provided in 24-5-112 and 24-5-113, a member may retire after a minimum of five (5) years of service on and after the member's fifty-fifth birthday.
(b) (1) However, the annuity otherwise payable, as provided in 24-5-115, shall be reduced eight-tenths percent (0.8%) for each of the first sixty (60) months, or fraction thereof, that the early retirement date precedes the earliest date that the member could retire without a reduction in the annuity.
(2) The annuity shall be reduced three-tenths percent (0.3%) for each of the next sixty (60) months, or fraction thereof, that the early retirement date precedes the earliest date that the member could retire without a reduction in the annuity.