A member may retire early upon reaching age 55 with a minimum of five years credited service. Early retirement benefits are determined in accordance with the Normal Retirement calculation based on credited service to the early retirement date and reduced by 3% per year for each year under age 65. If a member decides to retire at age 60, five years before Normal Retirement, the benefit would be reduced by 15% (5 years x 3% = 15% reduction.)