(a) Retirement of a member who has met the requirements for age and service shall be made by the board, at which time the member becomes a retired member. (b) Any member who has completed 10 years of service shall be vested under the retirement plan created by this article. (c) Any vested member who has attained normal retirement age may be retired upon filing with the board a written application on a form provided by the board for normal retirement setting forth the desired effective retirement date. For purposes of this article, normal retirement date means the first day of the month coincident with or next following the memberâs normal retirement age. For purposes of this article, normal retirement age means: For Persons Born Normal Retirement Age 1937 or before 65 1938 65 and 2 months 1939 65 and 4 months 1940 65 and 6 months 1941 65 and 8 months 1942 65 and 10 months 1943â1954 66 1955 66 and 2 months 1956 66 and 4 months 1957 66 and 6 months 1958 66 and 8 months 1959 66 and 10 months 1960 and later 67. (d) Any vested member who has attained the age of 55 years may be retired upon filing with the board a written application on a form provided by the board for early retirement setting forth the desired effective retirement date. (e) The normal retirement pension for a member who has attained normal retirement age shall consist of an annual allowance payable in monthly installments for the life of the retired member equal to: 2.333 percent of his or her final compensation multiplied by the number of years of service to the preceding completed month to which the member is entitled to be credited at retirement, but not to exceed 30 years; reduced by 2.166 percent of the estimated primary insurance amount, if any, multiplied by the number of years of service to the preceding completed month to which the member is entitled to be credited at retirement, but not to exceed 30 years, multiplied by a fraction, the numerator of which is the number of years of service with the employer subject to coverage under the federal system, but not to exceed 30 years, and the denominator of which is 30. (f) The early retirement pension shall consist of an annual allowance payable in monthly installments for the life of the retired member in an amount which is the actuarial equivalent of the normal retirement pension to which the retired member would be entitled if otherwise eligible for normal retirement, which shall be computed by multiplying the normal retirement pension by the early retirement adjustment factor set forth, based on the number of years and months by which the memberâs early retirement date precedes the memberâs normal retirement date, in the following tables: Early Retirement Adjustment Factors Months Years 0 1 2 3 4 0 1 2 3 4 5 6 7 8 9 10 11 12 1.0000 0.9333 0.8667 0.8000 0.7333 0.6667 0.6333 0.6000 0.5667 0.5333 0.5000 0.4667 0.4333 0.9944 0.9278 0.8611 0.7944 0.7278 0.6639 0.6306 0.5972 0.5639 0.5306 0.4972 0.4639 0.4306 0.9889 0.9222 0.8556 0.7889 0.7222 0.6611 0.6278 0.5944 0.5611 0.5278 0.4944 0.4611 0.4278 0.9833 0.9167 0.8500 0.7833 0.7167 0.6583 0.6250 0.5917 0.5583 0.5250 0.4917 0.4583 0.4250 0.9778 0.9111 0.8444 0.7778 0.7111 0.6556 0.6222 0.5889 0.5556 0.5222 0.4889 0.4556 0.4222 Early Retirement Adjustment Factors Months Years 5 6 7 8 0 1 2 3 4 5 6 7 8 9 10 11 12 0.9722 0.9056 0.8389 0.7722 0.7056 0.6528 0.6194 0.5861 0.5528 0.5194 0.4861 0.4528 0.4194 0.9667 0.9000 0.8333 0.7667 0.7000 0.6500 0.6167 0.5833 0.5500 0.5167 0.4833 0.4500 0.4167 0.9611 0.8944 0.8278 0.7611 0.6944 0.6472 0.6139 0.5806 0.5472 0.5139 0.4806 0.4472 0.4139 0.9556 0.8889 0.8222 0.7556 0.6889 0.6444 0.6111 0.5778 0.5444 0.5111 0.4778 0.4444 0.4111 Early Retirement Adjustment Factors Months Years 9 10 11 12 0 1 2 3 4 5 6 7 8 9 10 11 12 0.9500 0.8833 0.8167 0.7500 0.6833 0.6417 0.6083 0.5750 0.5417 0.5083 0.4750 0.4417 0.4083 0.9444 0.8778 0.8111 0.7444 0.6778 0.6389 0.6056 0.5722 0.5389 0.5056 0.4722 0.4389 0.4056 0.9389 0.8722 0.8056
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