If a member terminates City employment prior to meeting the eligibility requirements for retirement under the plan but after having completed 10 years of service, he shall be entitled to vest in his/her accrued pension and receive his/her pension benefit when such member attains normal retirement age by filing with the City a written notice of his/her intention to vest, within 90 days of the date of his/her termination. Upon reaching the date which he/she would have been eligible for normal retirement if he/she had continued to be employed by the City, such member shall be paid a monthly pension benefit equal to the benefit accrued as of the date of termination. However, the member may elect to receive his/her monthly pension benefit after he/she has met the eligibility requirements for early retirement and prior to attaining normal retirement, in which case, the monthly pension benefit payable to the member shall be equal to the benefit accrued as of the date of termination, reduced by 1/3 of 1% for each month by which the member's early retirement date precedes his normal retirement date.