Retirement

With respect to any member who joined the Fund prior to October 1, 1981:

(a)He or she may retire on a service retirement annuity, upon written application to and approval by the Board; provided that such member shall have attained at least sixty

(60)years of age or fiftyfive

(55)years of age in the case of a member of the uniformed personnel and shall have completed at least ten

(10)years of total service;

(b)If he or she is a member of the uniformed personnel, he or she shall, upon retirement, be placed on rank grade above that held by him on the date of retirement;

(c)If he or she has completed twenty-five

(25)years of service, he or she may retire and shall be entitled to full retirement annuity;

(d)Any retired employee who has previously elected to retire and who has completed at least twenty-five

(25)years of service shall be eligible for full retirement benefits on and after the effective date of this Act;

(e)At his option, whether active or inactive, he or she may retire after twenty

(20)years of service regardless of age. The retirement annuity for any employee or member described in this Paragraph CH. 8 RETIREMENT OF PUBLIC EMPLOYEES shall be reduced one quarter (¼) of one percent (1%) of each month such employee or member is under the age of sixty

(60)years, from the amount determined for such employee or member as hereinafter provided.