SEC. 40A-15. RETIREMENT.

   (a)   A Tier A inactive member with five or more years of credited service or a Tier A member is eligible for:

      (1)   a normal retirement pension at age 60;

      (2)   an unreduced service retirement pension at age 50, if the member or inactive member has 30 years of credited service; or

      (3)   a service retirement pension at any age below age 50, if the member or inactive member has 30 years of credited service, provided that benefits will be actuarially reduced from age 50 in accordance with Section 40A-16(c).

   (b)   A Tier A member is eligible for an unreduced service retirement pension at or after age 50 if the person's age and years and partial years of credited service, when added together, total at least 78.

   (c)   A Tier B inactive member with five or more years of credited service or a Tier B member with five or more years of credited service is eligible for:

      (1)   a normal retirement pension at age 65; or

      (2)   an unreduced service retirement pension if the member or inactive member has 40 years of credited service.

   (d)   A Tier B member with five or more years of credited service is eligible for a retirement pension if the person's age and years and partial years of credited service, when added together, total at least 80.

      (1)   Benefits for a member retiring under Subsection 40A-15(d) before the age of 65 will be actuarially reduced in accordance with Section 40A-16(d).

      (2)    A member who is eligible to retire under this subsection before the age of 65 may terminate city employment and elect to defer retirement and the receipt of benefits until age 65, at which age the benefits received will not be actuarially reduced under Section 40A-16(d). At any time before the age of 65, the person may revoke this election and choose to retire and receive benefits, which benefits will be actuarially reduced under Section 40A-16 based on the person's age on the date the revocation application is approved by the administrator. The application for an election to defer a retirement as described in Section 40A-15(d) of this chapter or to revoke that election must be on a form approved by the administrator and must be submitted to the administrator. The administrator must approve the application in accordance with rules and procedures adopted by the board. (Ord. Nos. 15414; 16886; 18181; 19470; 20960; 21582; 22345; 30162)