A vested member who has terminated employment with the employer may elect to begin receiving a benefit upon reaching age 55 or older. Calculation of a deferred benefit is based on the formula at the time of the member's termination of employment, and the member's age at the time of application. If a member should die prior to receiving a monthly Deferred Retirement Benefit, the spouse is eligible for a benefit the month after the member would have turned age 55. If the member was over age 55 at the time of death, the spouse is eligible for a benefit the first day of the month following the member's death.