Retirement annuities shall be payable as hereinafter set forth: (a) A participating employee who, regardless of cause, is separated from the service of all participating municipalities and instrumentalities thereof and participating instrumentalities shall be entitled to a retirement annuity provided: 1. He is at least age 55 if he is a Tier 1 regular employee, he is age 62 if he is a Tier 2 regular employee, or, in the case of a person who is eligible to have his annuity calculated under Section 7-142.1, he is at least age 50; 2. He is not entitled to receive earnings for employment in a position requiring him, or entitling him to elect, to be a participating employee; 3. The amount of his annuity, before the application of paragraph (b) of Section 7-142 is at least $10 per month; 4. If he first became a participating employee after December 31, 1961 and is a Tier 1 regular employee, he has at least 8 years of service, or, if he is a Tier 2 regular member, he has at least 10 years of service. This service requirement shall not apply to any participating employee, regardless of participation date, if the General Assembly terminates the Fund. (b) Retirement annuities shall be payable: 1. As provided in Section 7-119; 2. Except as provided in item 3, upon receipt by the fund of a written application. The effective date may be not more than one year prior to the date of the receipt by the fund of the application; 3. Upon attainment of the required age of distribution under Section 401(a)(9) of the Internal Revenue Code of 1986, as amended, if the member (i) is no longer in service, and (ii) is otherwise entitled to an annuity under this Article; 4. To the beneficiary of the deceased annuitant for the unpaid amount accrued to date of death, if any. employee, he is age 62 if he is a Tier 2 regular employee, or, in the case of a person who is eligible to have his annuity calculated under Section 7-142.1, he is at least age 50; employment in a position requiring him, or entitling him to elect, to be a participating employee; of paragraph (b) of Section 7-142 is at least $10 per month; December 31, 1961 and is a Tier 1 regular employee, he has at least 8 years of service, or, if he is a Tier 2 regular member, he has at least 10 years of service. This service requirement shall not apply to any participating employee, regardless of participation date, if the General Assembly terminates the Fund. fund of a written application. The effective date may be not more than one year prior to the date of the receipt by the fund of the application; distribution under Section 401(a)(9) of the Internal Revenue Code of 1986, as amended, if the member (i) is no longer in service, and (ii) is otherwise entitled to an annuity under this Article; the unpaid amount accrued to date of death, if any.
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