1. (1) A member in service who has completed five or more years of earned service but has not attained age fifty-five may, upon written application to the board, retire on an early retirement allowance beginning when the member attains age fifty-five.
2. (2) Upon early retirement, the member is entitled to a deferred early retirement allowance commencing upon the attainment of age fifty-five, which is equal to a service retirement allowance computed as provided in Section 9-11-60(2) on the basis of the member's average final compensation and credited service at his date of early retirement. A member with twenty-five or more years of credited service is eligible for a service retirement allowance without a reduction.

HISTORY: 1962 Code Section 61-337; 1962 (52) 1933; 1970 (56) 1938; 1974 (58) 2032; 1977 Act No. 42 Section 3; 1979 Act No. 82 Section 1; 1984 Act No. 384, Section 5; 1988 Act No. 424, Section 2, eff July 1, 1988 (effective for members of the South Carolina Police Officers Retirement System retiring after June 30, 1988, and for contributions made after June 30, 1988); 2000 Act No. 387, Part II, Section 67M, eff January 1, 2001.