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Any member or former member on deferred status as defined in § 39.235 may retire prior to voluntary retirement as described in § 39.227 with an actuarially reduced benefit provided that the member has completed 20 or more years of credited service. The actuarial reduction shall be based on the interest and mortality assumptions used to calculate optional forms of benefits and shall be computed so that the actuarial present value of the reduced benefit is equivalent to the actuarial present value had the member terminated employment and elected to receive a deferred benefit commencing at his or her earliest voluntary retirement age. For the purposes of this section, earliest voluntary retirement age shall meanthe earliest age at which the member could have retired with unreduced benefits had the member remained in service.
(1992 Code, § 35-23.1) (Ord. 88-91, passed 11-25-1991)