3-12C-1111. Early retirement benefits for foundation members.

89 words·~1 min read·/sd/title-3/chapter-3-12/3-12c-1111

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Any vested foundation member can retire in the ten years preceding the member's normal retirement age and the retirement benefit shall be reduced by the lesser of the following:

(1)One-fourth of one percent for each full month which remains between the date of commencement of payments and the date the member will reach the member's normal retirement age; or

(2)One-fourth of one percent for each full month which remains between the date of commencement of payments and the date the member will reach the member's reduction age.