Section 24-5-114 - Eligibility for benefits - Early retirement(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.Acts 1949, No. 454, § 11; 1981, No. 295, § 11; 1985, No. 379, § 2; A.S.A. 1947, § 76-1911; Acts 1997, No. 347, § 5; 1997, No. 1053, § 16.