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of creditable service, or <br /> <br /> (ii) after June 30, 1973, and after the completion <br />of ten years of creditable servicer <br /> <br />and who has attained the age of sixty-five may retire at any time <br />then or thereafter under the provisions of subsection (a) of this <br />section, except ~hat the requirement for the member to be in <br />service shall not apply. <br /> <br />Section 26-32. Service retirement allowance. <br /> <br /> (a) Upon the retirements as provided in subsection(a) <br />or subsection (b) of section 26-31, on or after July 1, 1973, of <br />a member who either has attained his normal retirement date, or <br />has both attained the age of sixty and completed twenty-five <br />years of creditable service, the member shall receive an annual <br />retirement allo~ance~ payable monthly to him during his lifetime, <br />the amount of which shall be determined as follows: <br /> <br /> (1) With respect to any allowance payment falling <br />due before the member's normal retirement date, two <br />percent of his average final compensation multiplied <br />by the nu~er of years of his creditable service, not <br />in excess of forty such years. <br /> <br /> (2) With respect to any allowance payment falling <br />due after the member's normal retirement date, the <br />larger of: (i) One percent of his average final com- <br />pensation multiplied by the number of years of his cre- <br />ditable service; or (ii) The excess of Ix] two percent <br />of his average final compensation multiplied by the <br />number of years of his creditable service, not in ex- <br />cess of forty such years over (y) two percent of the <br />annual amount of the primary Social Security benefit <br />commencing at his normal retirement date to which he <br />is or would have been entitled at his normal retire- <br />ment date multiplied by the number of years of his <br />creditable service, not in excess of twenty-five such <br />years. <br /> <br /> (b) Upon the retirement, as provided in subsection (a) <br />of section 26-31~ on or after July 1, 1973, of a member before <br />his normal retirement date and before he has both attained the age <br />of sixty and completed twenty-five years of creditable service the <br />member shall receive an annual allowance, payable monthly to him <br />during his lifetime, the amount of which shall be determined in <br />the same manner as provided for in subsection (a) preceding except <br /> <br />-3- <br /> <br /> <br />