(a) Annual pension. Each participant who retires on an early retirement date is entitled to receive an annual pension equal to the normal retirement pension that would have been paid, reduced by the early retirement adjustment factor.
(b) Adjustment factor. The early retirement adjustment factor is 2.4% For each year that a participant's date of retirement precedes the normal retirement date to a maximum of 10 years.
(c) Personnel Officer to determine normal retirement date. The Personnel Officer shall determine the normal retirement date by assuming that the participant had continued to earn credited service and the early retirement reduction factor by prorating to the nearest one-twelfth of a year.
(1985 Code, Art. 7, § 4-203.1) (Bill No. 90-01)