(a)(1) Subject to paragraphs (2) and (3) of this subsection, a member may retire with a normal service retirement allowance if, on or before the date of retirement, the member:
(i)has at least 25 years of eligibility service;
(ii)is at least 62 years old; or
(iii)is at least 60 years old and has transferred to the Local Fire and Police System from the Employees’ Retirement System.
(2)To retire under this subsection, a member shall complete and submit a written application to the Board of Trustees on the form that the Board of Trustees provides stating the date when the member desires to retire.
(3)A member may not retire before the first day of the month after employment ends.
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(a) (1) Subject to paragraphs (2) and (3) of this subsection, a member may retire with a normal service retirement allowance if, on or before the date of retirement, the member:
(i) has at least 25 years of eligibility service;
(ii) is at least 62 years old; or
(iii) is at least 60 years old and has transferred to the Local Fire and Police System from the Employees’ Retirement System.
(2) To retire under this subsection, a member shall complete and submit a written application to the Board of Trustees on the form that the Board of Trustees provides stating the date when the member desires to retire.
(3) A member may not retire before the first day of the month after employment ends.
(b) Except as provided in subsections (c) and (d) of this section, on retirement under this section, a member is entitled to receive a normal service retirement allowance that equals the number of years of the member’s creditable service multiplied by:
(1) 1% of the member’s average final compensation that is not in excess of the Social Security integration level; and
(2) 1.5% of the member’s average final compensation that exceeds the Social Security integration level.
(c) (1) This subsection applies to a member:
(i) who has not transferred from the Employees’ Retirement System; and
(ii) whose employer does not contribute to Social Security.
(2) On retirement under this section, a member is entitled to receive a normal service retirement allowance that equals the number of years of the member’s creditable service multiplied by 1.5% of the member’s average final compensation.
(d) (1) This subsection applies to a member who has transferred from the Employees’ Retirement System.
(2) On retirement under this section, a member is entitled to receive a normal service retirement allowance that equals:
(i) 2% of the member’s average final compensation multiplied by each year of the member’s first 30 years of creditable service; and
(ii) 1% of the member’s average final compensation multiplied by each year of creditable service in excess of 30 years.