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Section 26-32. Service retirement allowance. (a) Upon the retirement, as provided in subsection (a) or subsection (b) of section 26-31, on or after July 1, 1973, of a member who either has attained his normal retirement date, or has both attained the age of sixty and completed twenty- five years of creditable service, the member shall receive an annual retirement allowance, payable monthly to him during his lifetime, the amount of which shall be determined as follows: Wi~h respect to any allowance payment fall- in~ due before the member's normal retire- ment date, two percent of his average final compensation multiplied by the number of years of his creditable servlce, not in ex- cess of forty such years. (2) With respect to any allowance payment fall- lng due after the member's normal retire- ment date, the larger of: (i) One percent of his average final compensation multiplied by the number of years of his creditable service; or (ii) The excess of (x) two per- cent of his average final compensation multi- plied by the number of years of his creditable service, not in excess of forty such years over (y) two percent of the annual amount of the primary Social Security benefit commencing at his normal retirement date to which he is or would have been entitled at his normal re- tirement date multiplied by the number of years of his creditable service, not in ex- cess of twenty-five such years. (b) Upon the retirement, as provided in subsection (a) of section 26-31, on or after July i, 1973, of a member before his normal retirement date and before he has both attained the age of sixty and completed twenty-five years of creditable service the member shall receive an annual allowance, payable monthly to him during his lifetime, the amount of which shall be determined in the same manner as provided for in subsection (a) precedinq except that the resultant allowance, with respect to payments falling due before and after the member's normal retirement date, shall be re- duced by one-half of one percent for each month in the period be- tween the member's date of retirement and the first date on which he would have been eligible for a retirement allowance computed as provided for in subsection (a) preceding had he remained an employee until such date. -8-