(A) Early retirement date. A member may retire on the first day of the month coincident with or next following the attainment of age 50 and the completion of 15 years of continuous service.
(B) Early retirement benefit. A member retiring hereunder on his early retirement date may receive either a deferred or an immediate monthly retirement benefit as follows:
(1) A deferred monthly retirement benefit which shall commence on his normal retirement date and shall be continued on the first day of each month thereafter during his lifetime. The amount of the benefit shall be determined and paid in the same manner as for retirement at his normal retirement date, except that average monthly earnings and continuous service shall be determined as of his early retirement date; or
(2) An immediate monthly retirement benefit which shall commence on his early retirement date and shall be continued on the first day of each month thereafter during his lifetime. The benefit payable shall be as determined in this division (B)(1) above, reduced by one-fifteenth for each of the first five years, and one-thirtieth for each of the next five years by which the starting date of the benefit precedes the normal retirement date.
('72 Code, § 24-80(3),(4)) (Ord. O-76-93, passed 12-1-76; Am. Ord. O-80-3, passed 1-2-80; Am. Ord. O-84-27, passed 6-6-84; Am. Ord. O-86-61, passed 12-3-86)