8-36-302 - Eligibility and computation of allowances.
8-36-302. Eligibility and computation of allowances.
(a) Notwithstanding any provisions to the contrary, beginning on November 1, 1982, any:
(1) General employee;
(2) Firefighter or police officer of a participating political subdivision;
(3) Teacher; or
(4) Member of a local retirement system who is not eligible for social security coverage, based upon such member's employment;
shall be eligible for early service retirement upon the completion of ten (10) years of membership service in a position covered by this system, a superseded system or a local retirement system.
(b) The retirement allowance, as provided under this section, shall be computed as a service retirement allowance and reduced by the greater of:
(1) Four tenths of one percent (.4%) for each month by which the date of early service retirement precedes the service retirement date; or
(2) An actuarial equivalent of the retirement allowance.
[Acts 1979, ch. 154, § 1; T.C.A., § 8-3908.]