(a) In lieu of retirement at the benefit level provided by Code Section 47-23-102 or 47-23-102.1, a member may retire at any time after attaining the age of 60 years and after obtaining a minimum of ten years of creditable service. The monthly retirement benefit for such early retirement shall be a percentage of either the benefit under Code Section 47-23-102 if such member first became a member before July 1, 2025 or the benefit under subsection (c) of Code Section 47-23-102.1 if such member first became a member on or after July 1, 2025, and such percentage shall be the proportion which the number of years of creditable service the member has in the retirement system bears to 16.

(b) The effective date of retirement shall be the first day of the month in which the application is received by the board of trustees, provided that no retirement shall, in any case, be effective earlier than the first day of the month following the final month of the applicant’s employment. Applications for retirement shall not be accepted more than 90 days in advance of the effective date of retirement.