§ 18-30. Early retirement benefit.

(a)

A member shall receive upon retirement at his early retirement date either a deferred or an immediate monthly retirement benefit, as follows:

(1)

A deferred monthly retirement benefit which shall commence on his normal retirement date and shall be continued on the first day of each month thereafter during the lifetime of the member; the amount of each such deferred monthly retirement benefit to be determined in the same manner as for retirement at his normal retirement date except that credited service and average final compensation shall be determined as of his early retirement date; or

(2)

An immediate monthly retirement benefit which shall commence on his early retirement date and shall be continued on the first day of each month thereafter during the lifetime of the member. For members of the General Employee Tier One Plan, the amount of such immediate monthly retirement benefit shall be the amount provided in subparagraph (1), reduced by two (2) percent for each year by which the commencement date of benefit precedes the otherwise normal retirement date. For members of the General Employee Tier Two Plan, the amount of such immediate monthly retirement benefit shall be the amount provided in subparagraph (1), reduced by three (3) percent for each year by which the commencement date of benefit precedes the otherwise normal retirement date.

(b)

In no event shall this benefit exceed one hundred (100) percent of the member's average final compensation.

(Code 1964, § 9A-5(c); Ord. No. 2259, § 3, 9-26-2001; Ord. No. 2448, § 5, 8-11-2010)