§ 4-32-6 — Early retirement

Sec. 4-32-6. - Early retirement.

A. Condition. If a participant who is under the '79 plan terminates employment with the employer prior to his or her normal retirement date, but at or after such time that he or she has attained age 55 and completed 25 years of credited service, he or she shall be entitled to a monthly retirement benefit paid in accordance with article 4 of this chapter. B. Early retirement benefit. The monthly retirement benefit determined as of a participant's early retirement date, based on the normal form of payment described in section 4-32-14(A), shall be a percentage of his or her accrued benefit reduced as follows: PERCENTAGE OF ACCRUED BENEFIT Retirement Age | Between 25 and 30 Years of Credited Service at Retirement (percent) | More than 30 Years of Credited Service at Retirement (percent) 55 | 55 | 65 56 | 60 | 70 57 | 65 | 77 58 | 70 | 84 59 | 77 | 92 60 | 84 | 100 61 | 92 | 100 62 | 100 | 100 63 | 100 | 100 64 | 100 | 100 65 | 100 | 100 Any participant may elect to retire pursuant to this section and defer receiving his or her retirement benefit to the first age at which unreduced benefits would be payable as follows: age 60 with 30 years of credited service, at age 62 with 25 years of credited service but less than 30 years of credited service, in which case the participants full accrued benefit will be payable without reduction upon written application from date of such age.

(Code 1985, § 18-45; Ord. No. 4173, § 1, 4-16-1993)