If the retirement income benefit under the pension plan begins at or after age 62 but prior to the member's social security retirement age (SSRA), the retirement benefit may not exceed an annual benefit of $90,000 reduced by:
A. In the case of a member whose SSRA is 65, 5/9 of 1% for each month by which benefits commence before the month in which the member attains age 65; or
B. In the case of a member whose SSRA is greater than 65, 5/9 of 1% for each of the first 36 months and 5/12 of 1% for each of the additional months (up to 24) by which benefits commence before the month in which the member attains SSRA.