(1) on or before the date of retirement, the member:

(i) has at least 25 but less than 30 years of eligibility service; and

(ii) is less than 60 years old; and

(2) the member completes and submits a written application to the Board of Trustees stating the date when the member desires to retire.

(b) On retirement under this section, a member is entitled to an early service retirement allowance that equals one fifty-fifth of the member’s average final compensation multiplied by the number of years of creditable service reduced by 0.5% for each month by which the member’s date of retirement precedes the earlier of:

(1) the date the member will be 60 years old; or

(2) the date the member would have completed 30 years of eligibility service had the member continued employment.