19-20-802 . Early retirement. (1) (a) A vested tier one member who is not eligible for service retirement but has attained the age of 50 is eligible for an early retirement allowance. (b) A vested tier two member who is not eligible for service retirement but has attained the age of 55 is eligible for an early retirement allowance. (2) A member retiring early under subsection (1) must have terminated employment in all positions reportable to the retirement system and must file a written application with the retirement board. (3) The early retirement allowance must be determined as prescribed in 19-20-804 , with the exception that the allowance will be reduced using actuarially equivalent factors based on the most recent actuarial valuation of the system.
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