§ 154-403. Age of retirement; reduced benefits for early retirement.

All members who shall retire as a matter of right must attain the age of 55 years and shall have served 25 years before being eligible to retire; provided, however, that any member who has served 25 years may elect to retire on a reduced pension, the reduction to be 1/12 of three percent per month the member lacks being 55 years of age; provided, however, that the provisions of this section as to age limit shall not apply to any person claiming a pension by reason of total and permanent disability. When that member shall retire as a matter of right, he shall be paid a monthly pension equal to two percent of his monthly (base and service) earnings, multiplied by his years of creditable service. Notwithstanding any other provisions of this division, when any employee shall retire under the provisions of this division "years of creditable service" used for the computation of pension benefits shall include all unused sick leave which shall be to the credit of such individual, not exceeding a total of 90 days. Monthly earnings shall be the average of the highest 36 months base and service salary during the term of employment. Partial years of service shall be used in computation of benefits unless a person is retired by reason of age. No pension awarded under this division shall exceed 75 percent of monthly earnings as defined herein.

(Code 1983, § 24-4-3)