(A) An early retirement date is (I) when a member retires on the first day of any month following the completion of 20 years of continuous service or (ii) effective as of March 12, 1999, when a member retires on the first day of any month coincident with or following the attainment of his or her fiftieth birthday and completion of 10 years of continuous service.
(B) A member retiring hereunder on his early retirement date shall receive either a deferred or an immediate monthly retirement benefit as follows:
(1) A deferred monthly retirement benefit, which shall commence on his earliest normal retirement date and shall be continued on the first day of each month thereafter during a ten year period and his/her remaining lifetime thereafter. The amount of the deferred monthly retirement benefit shall be determined in the same manner as for retirement at his/her normal retirement date, except that continuous service and average monthly earnings shall be determined as of his early retirement date; or
(2) Subject to approval by the Board an immediate monthly retirement benefit which shall commence on his early retirement date or any date prior to his normal retirement date as requested by the member, and shall be continued on the first day of each month thereafter during his lifetime. The benefit payable shall be as determined in division (B)(1) above, but reduced actuarially so that only actuarially equivalent benefits shall be payable; provided, however, that in no event will the early retirement reduction be greater than 3% per year that his or her retirement precedes age 52 (if the member has at least 25 years of continuous service) or precedes age 55 (if the member does not have at least 25 years of continuous service).
(C) Early retirement shall have applicable to it the same survivorship benefit percentages as for normal retirement.
(‘69 Code, § 5-157) (Ord. 557, passed 2-19-81; Am. Ord. 1321, passed 12-15-99; Am. Ord. 1353, passed 9-20-00; Am. Ord. 1480, passed 3-17-04)