The amount of retirement benefits to be provided under the normal form for an active participant on the participant’s retirement date is:

(1) On the participant’s normal retirement date, the amount is equal to the participant’s accrued benefit on that date;

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(2) On the participant’s early retirement date, the amount is equal to the participant’s accrued benefit on that date, reduced by one-sixth of one percent for each month the participant’s early retirement date precedes the participant’s normal retirement date; or

(3) On the participant’s late retirement date, the amount is equal to the participant’s accrued benefit on the late retirement date.

In any event, an active participant’s retirement benefit under the normal form on the participant’s retirement date may not be less than the greater of the participant’s required contribution accrued benefit on the participant’s retirement date, reduced in the same manner as the participant’s accrued benefit is reduced at early retirement date if the participant’s retirement date is an early retirement date, or the monthly benefit under the normal form that is the actuarial equivalent of the participant’s required contribution account on that date.

Source: SL 2020, ch 13, § 23.