(1)Any new entrant member in service who attains age 55 years may retire on a service retirement allowance upon written and duly executed application to the board of trustees, setting forth at what time, not less than 30 days nor more than 90 days, subsequent to the filing thereof, he desires to be retired. Any new entrant member in service who attains age 62 years shall be retired on a service retirement allowance forthwith or on the first day of the next calendar month; provided, however, that any new entrant member in service in an administrative position as provided for in section 22 of this act may remain in service until attaining age 65 years whereupon he shall be retired on a service retirement allowance forthwith or on the first day of the next calendar month.
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(1) Any new entrant member in service who attains age 55 years may retire on a service retirement allowance upon written and duly executed application to the board of trustees, setting forth at what time, not less than 30 days nor more than 90 days, subsequent to the filing thereof, he desires to be retired. Any new entrant member in service who attains age 62 years shall be retired on a service retirement allowance forthwith or on the first day of the next calendar month; provided, however, that any new entrant member in service in an administrative position as provided for in section 22 of this act may remain in service until attaining age 65 years whereupon he shall be retired on a service retirement allowance forthwith or on the first day of the next calendar month. (2) Upon retirement for service a new entrant member shall receive a service retirement allowance which shall consist of: (a) An annuity which shall be the actuarial equivalent of his aggregate contributions at the time of retirement; and (b) A pension in the amount which when added to the member's annuity will provide a total retirement allowance equal to 2% of his average final compensation multiplied by the number of years of creditable service up to 25, plus 1% of his average final compensation multiplied by the number of years of creditable service over 25. (3)(a) Upon the receipt of proper proofs of the death of a new entrant member after service retirement, there shall be paid to such person as he shall have nominated by written designation, duly executed and filed with the board of trustees, otherwise to his estate, a death benefit of $2,000.00. (b) The beneficiary of a death benefit after service retirement may elect to receive the amount payable in 1 sum or in equal installments over a period of years or as a life annuity. L.1953, c. 423, p. 2129, s. 6. Amended by L.1954, c. 200, p. 758, s. 4.