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(a)
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(1) Any member or former member with sufficient years of service to qualify for a vested termination annuity who has not attained his or her voluntary retirement age as provided in § 24-6-404 may retire with an early annuity provided for in subsection (b) of this section upon his or her written application to the Board of Trustees of the State Police Retirement System setting forth at what time, not less than thirty (30) days nor more than ninety (90) days subsequent to the execution and filing of his or her application, he or she desires to be retired.
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(2) The member or former member eligible for a vested termination annuity must have at least five (5) years of actual service and be within ten (10) years of voluntary retirement age.
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(b) Upon early retirement, a member shall receive a certain percentage of an annuity for life provided for in § 24-6-406, which percentage shall be one hundred percent (100%) reduced by one-half percent (0.5%) multiplied by the number of months by which his or her age at early retirement is younger than his or her voluntary retirement age, using what his or her voluntary retirement age would have been if he or she had continued state police employment from the time of early retirement.
