A member retiring on his early retirement date may receive either a deferred or an immediate monthly retirement benefit as follows.
(A) 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 each deferred monthly retirement benefit shall be determined in the same manner as for retirement at his normal retirement date; however, continuous service and average monthly earnings shall be determined as of his early retirement date.
(B) In the alternative, 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 maximum benefit payable, as determined in subsection (A) above, shall be reduced actuarially so that actuarially-equivalent benefits shall be payable in all cases wherein actual retirement date precedes a member’s regular normal retirement date; provided, however, in the case of a member who retires on or after age 50, the actuarial reduction shall not exceed 3% for each year by which actual retirement date precedes such member’s regular normal retirement date.
('58 Code, §11.46) (Ord.72-59, passed 8-15-72; Am. Ord. 73-11, passed 1-3-73; Am. Ord. 2000-73, passed 9-12-00)