(a) If any employee of a court of probate is separated on or after January 1, 1972, from the service of the court by which he is employed, and after completing at least ten years of credited service but before reaching the normal retirement age, he shall be entitled to a retirement allowance on the first day of the month after reaching the normal retirement age.

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(b) At the option of the employee, the retirement allowance may commence on the first day of any month after the date of the separation described in subsection (a) of this section and shall be payable in an amount determined by the Retirement Commission to be the actuarial equivalent of the retirement allowance that would have been payable except for the election of such option, except that for any such employee separated on or after October 1, 1994, who has attained the age of sixty, the reduction of the allowance which would have been payable shall be one quarter of one per cent for each month the employee’s retirement precedes the attainment of age sixty-two. Any such employee who was separated from the service of the court before July 1, 1979, with at least ten but less than twenty years of credited service may elect a retirement allowance retroactive to January 1, 1979, or the first day of the month after such separation, whichever is later.