HARRY HUGHES, Governor

129

ATTAINED; (I) 30 YEARS OF CREDITABLE SERVICE, OR (II) THE
AGE AND HAS YEARS OF CREDITABLE SERVICE AS FOLLOWS AND
NOTWITHSTANDING THAT DURING THE PERIOD OF NOTIFICATION HE
MAY HAVE SEPARATED FROM SERVICE:

AGE                              YEARS OF CREDITABLE SERVICE

62     WITH                                         5

63     WITH                                        4

64     WITH                                        3

65 OR MORE WITH                                2

(B) ANY MEMBER IN SERVICE WHO IS 70 YEARS OLD
SHALL BE RETIRED ON THE FIRST DAY OF THE NEXT CALENDAR MONTH
FOLLOWING THE ATTAINMENT OF AGE 70 PROVIDED THAT WITH THE
APPROVAL OF THE STATE BOARD OF EDUCATION OR THE STATE
SUPERINTENDENT OF SCHOOLS HE MAY REMAIN IN SERVICE UNTIL THE
END OF THE SCHOOL YEAR FOLLOWING THE DATE ON WHICH HE
BECOMES 70 YEARS OLD.

(2)   ON RETIREMENT FROM SERVICE, A MEMBER SHALL
RECEIVE A SERVICE RETIREMENT ALLOWANCE THAT SHALL BE
COMPUTED AS 8/10 OF 1 PERCENT OF THE PART OF THE MEMBER'S
AVERAGE FINAL COMPENSATION NOT IN EXCESS OF THE SOCIAL
SECURITY INTEGRATION LEVEL, PLUS 1 AND 5/10 PERCENT OF THE
PART OF THE COMPENSATION IN EXCESS OF THE SOCIAL SECURITY
INTEGRATION LEVEL, MULTIPLIED BY THE NUMBER OF YEARS OF HIS
CREDITABLE SERVICE.

(3)   ON WRITTEN APPLICATION TO THE BOARD OF TRUSTEES
SETTING FORTH WHEN HE DESIRES TO BE RETIRED, ANY MEMBER WHO
IS NOT 62 YEARS BUT IS AT LEAST 55 YEARS OLD AND HAS
COMPLETED 15 YEARS OF ELIGIBILITY SERVICE MAY RETIRE ON AN
EARLY RETIREMENT ALLOWANCE.

(4)   ON EARLY RETIREMENT, A MEMBER SHALL RECEIVE AN
EARLY RETIREMENT ALLOWANCE THAT SHALL BE EQUAL TO THE
SERVICE RETIREMENT ALLOWANCE COMPUTED AS PROVIDED IN
SUBSECTION (2) OF THIS SECTION ON THE BASIS OF HIS AVERAGE
FINAL COMPENSATION AND CREDITABLE SERVICE AT THE TIME OF
EARLY RETIREMENT, REDUCED BY 1/2 OF 1 PERCENT FOR EACH MONTH
BY WHICH HIS EARLY RETIREMENT DATE PRECEDES THE DATE HE
ATTAINS AGE 62.

(5)   (A) ON THE APPLICATION OF A MEMBER OR OF HIS
STATE OR COUNTY SUPERINTENDENT, ANY MEMBER WHO HAS HAD 5 OR
MORE YEARS OF ELIGIBILITY SERVICE MAY BE RETIRED BY THE
BOARD OF TRUSTEES ON AN ORDINARY DISABILITY RETIREMENT
ALLOWANCE, IF THE MEDICAL BOARD, AFTER A MEDICAL EXAMINATION
OF THE MEMBER, CERTIFIES THAT:

(I) THE MEMBER IS MENTALLY OR PHYSICALLY
INCAPACITATED FOR THE FURTHER PERFORMANCE OF DUTY;