(a) In addition to retirement as provided in §§ 24-5-112 and 24-5-113, a member may retire after a minimum of five (5) years of service on and after the member's fifty-fifth birthday.
(b) (1) However, the annuity otherwise payable, as provided in § 24-5-115, shall be reduced eight-tenths of one percent (0.8%) for each of the first sixty (60) months, or fraction thereof, that the early retirement date precedes the earliest date that the member could retire without a reduction in the annuity.
(2) The annuity shall be reduced three-tenths of one percent (0.3%) for each of the next sixty (60) months, or fraction thereof, that the early retirement date precedes the earliest date that the member could retire without a reduction in the annuity.
Section: Previous 24-5-106 24-5-107 24-5-108 24-5-109 24-5-110 24-5-112 24-5-113 24-5-114 24-5-115 24-5-116 24-5-117 24-5-118 24-5-119 24-5-120 24-5-122 NextLast modified: November 15, 2016