Section 17-524 - Early retirement - Conditions - BenefitA member who has reached his fifty-fifth birthday or has completed eight (8) years of credited service shall be eligible, upon retirement on his early retirement date, which shall be the first day of any month thereafter but prior to his normal retirement date, to receive a benefit as provided in this section. A member may, upon retirement on his early retirement date, elect to receive either (a) or (b) as follows:
(a) a monthly deferred early retirement benefit, which shall be payable on his normal retirement date, provided he is then living, and on the first day of each month thereafter during his lifetime, computed in the same manner set forth in § 17-522 except that such computation shall be made as of his early retirement date; provided, however, that if the date of death of such member occurs after his termination of employment and prior to his normal retirement date, his beneficiary shall receive a refund of the contributions standing to the credit of such deceased member; or(b) an immediate monthly early retirement benefit, which shall be payable on his early retirement date and on the first day of each month thereafter during his lifetime, the amount of which shall be the amount of benefit provided in subparagraph (a) of this section, but reduced by five-twelfths per cent (5/12%) thereof for each full month in the period of time between his early retirement date and his normal retirement date.Acts 1963, ch. 206, § 24; 1970 (Adj. S.), ch. 556, § 6.