§ 18-180.1. Computation of monthly retirement income in the instance of early retirement.
Latest version.
The benefit payable for early retirement shall be the same as determined for normal retirement, as set forth in section 18-180, less three (3) percent for each year or portion thereof of which the member’s actual retirement date precedes the date which would have been the member’s normal retirement date had such member remained in full-time employment with the city. For all new members hired on or after February 5, 2019 (hereinafter “Tier 2 members”), early retirement shall be available at age fifty (50) with at least ten (10) years of service, reduced by the three (3%) percent per year early retirement reduction described above. The maximum benefit cap established in 2019 shall apply to early retirement benefits, but for calculation purposes shall be actuarially determined based on the member’s normal retirement benefit.
