(1) Except as provided in this section, earliest retirement age for a member of the pension program is 55 years of age.

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(2)(a) Earliest retirement age for a member of the pension program who retires from service as a police officer or firefighter is 50 years of age if the member’s last 60 months of retirement credit preceding retirement eligibility under this section is classified as retirement credit for service as a police officer or a firefighter. Earliest retirement date for a member described in this subsection is not later than the date the member reaches 55 years of age.

(b) A member who establishes retirement eligibility under this subsection retains retirement eligibility under this section as a police officer or firefighter, even if the member performs service thereafter only as other than a police officer or firefighter.

(c) A period of leave from a position as a police officer or firefighter for which a member is entitled to retirement credit for service as a police officer or firefighter and which is part of the member’s last 60 months of retirement credit preceding retirement eligibility under this section shall be counted as part of the last 60 months of retirement credit required for retirement eligibility under this section.

(d) Retirement credit for a month in which a member performs service as both a police officer or firefighter and as other than a police officer or firefighter shall be classified as retirement credit for service as a police officer or firefighter for purposes of this section.

(e) A member employed as a police officer or firefighter is not required to restart the last 60 months of retirement credit required for retirement eligibility under this section when the member:

(A) Is on unpaid leave from the member’s position as a police officer or firefighter and is receiving insurance payments for short-term or long-term disability for which retirement credit is not available under ORS § 238A.155; and

(B) Is concurrently employed and performing service as other than a police officer or firefighter.

(3) If a member of the pension program has 25 years or more of retirement credit as a telecommunicator, as defined in ORS § 181A.355, earliest retirement age for the member is 55 years of age or the age of the member when the member acquires a total of 25 years or more of retirement credit as a telecommunicator, whichever occurs first. A member who retires under this subsection before attaining the age of 55 shall not receive a cost-of-living adjustment under ORS § 238A.210 until the member attains the age of 55.

(4) A member of the pension program who has reached earliest retirement age may retire on an early retirement date that is the first day of any month on or after the member has reached earliest retirement age. [2003 c.733 § 16; 2005 c.332 § 13; 2007 c.404 § 2; 2007 c.769 § 2; 2023 c.404 § 19]