(a) Subject to AS 14.25.167, a member is eligible for a normal retirement salary at age 60 with at least
(1) two years membership service if the member also is eligible for a normal retirement benefit under the public employees' retirement system (AS 39.35); or
(2) one year of membership service if the member is a retired member of the public employees' retirement system.
(b) Subject to AS 14.25.167, a member is eligible for an early retirement salary at age 55 with at least
(1) two years of membership service if the member also is eligible for an early retirement benefit under the public employees' retirement system (AS 39.35);
(2) one year of membership service if the member is a retired member of the public employees' retirement system.
(c) Membership service for which contributions were refunded is not creditable under this section.
(d) The monthly amount of a conditional service retirement benefit shall be calculated on the years of credited service in accordance with AS 14.25.110(d), except that a member may irrevocably elect to substitute “average monthly compensation” as defined in AS 39.35.680 in place of the member's average base salary divided by 12.
(e) Benefits payable under this section accrue from the first day of the month (1) in which the member meets the eligibility requirements of this section, (2) following the date of termination, and (3) following application for retirement, and are payable the last day of the month. If payment is delayed, a retroactive payment shall be made to cover the period of deferment. The last payment shall be made for the month in which the member dies or is no longer eligible for a benefit under this section.
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