(a) A member shall become eligible to receive a service pension, beginning with the month after the member has terminated employment, if: (1) The member has 5 years of credited service, and has attained age 62; or (2) The member has 15 years of credited service, and has attained age 60; or (3) The member has 30 years of credited service. (b) An inactive member with a vested right to a service pension shall become eligible to receive such pension, computed in accordance with this chapter in effect when he or she ceased to be an employee, beginning with the first month after his or her attainment of age 62. (c) A member shall become eligible to receive a reduced service pension beginning with the month after he or she has terminated employment, if he or she has 15 years of credited service, and has attained age 55. The amount of the service pension shall be reduced by four-tenths percent for each month the member is under age 60.
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