Any vested generational member may elect to start the retirement benefit in the ten years preceding the member’s normal retirement age. However, no retirement benefit may be paid unless the member submits a completed retirement application to the system that includes the benefit option elected by the member. The normal retirement benefit shall be reduced by five percent for each full year and prorated for each additional full month between the date the early retirement benefit commences and the date the member attains normal retirement age.

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Source: SL 2016, ch 32, § 15; SDCL § 3-12-513; SL 2019, ch 22, § 1.