[Added 1-9-2001 by Ord. No. 1054]
A. There is hereby established an early retirement benefit which shall be available to a member of the police force with 20 or more years of continuous service who terminates employment prior to the completion of superannuation retirement age and service requirements and who files a written application for an early retirement benefit with the Upper Dublin Township Board of Commissioners (“Board”).
B. The early retirement benefit shall become effective as of the date the application is filed with the Board or the date designated on the application, whichever is later, and shall be the actuarial equivalent of a partial superannuation retirement benefit calculated as follows:
(1) A partial superannuation retirement benefit shall be determined by applying the percentage that the member’s years of service bear to the years of service that the member would have rendered had the member continued to be employed until his superannuation retirement date to the gross pension amount calculated using the monthly average salary during the appropriate period prior to his termination of employment.
(2) The actuarial equivalent of the partial superannuation retirement benefit shall be determined by actuarially reducing the partial superannuation retirement benefit to reflect that it will commence on the effective date of the early retirement rather than on the date on which the member would have completed superannuation age and service requirements. The actuarial reduction shall be calculated using the actuarial assumptions reported in the last actuarial valuation report filed with the Public Employee Retirement Commission under the act of December 18, 1984 (P.L. 1005, No. 205), known as the “Municipal Pension Plan Funding Standard and Recovery Act” or “Act 205,” 53 P.S. § 895.101 et seq.