(1) This section shall only apply to DPS members who have five or more years of service credit as of January 1, 2011. For DPS members who have less than five years of service credit as of January 1, 2011, eligibility for retirement requiring an actuarial reduction shall be governed by section 24-51-604.
Whenever a contributing member or affiliate member pursuant to the DPS plan hascompleted a period of twenty-five years of active service with the district but has not attained the age of fifty-five years, said member shall be eligible for retirement for superannuation but with reduced benefits in accordance with the applicable provisions of section 24-51-1715. Any such retirement shall be voluntary and reflect the choice of the member.
Whenever a contributing member or affiliate member pursuant to the DPS plan hascompleted a period of fifteen years of active service with the district and has attained the age of fifty-five years while in the service of the district, said member shall be eligible for retirement for superannuation but with reduced benefits in accordance with the applicable provisions of section 24-51-1715. Any such retirement shall be voluntary and reflect the choice of the contributing member.
Whenever a contributing member or affiliate member pursuant to the DPS plan hascompleted a period of thirty years of active service with the district but has not attained the age of fifty years, said contributing member shall nevertheless be eligible for retirement for superannuation but with reduced benefits in accordance with the applicable provisions of section 24-51-1715. Any such retirement shall be voluntary and reflect the choice of the member.
Source: L. 2009: Entire part added, (SB 09-282), ch. 288, p. 1367, § 56, effective January 1, 2010. L. 2010: Entire section amended, (SB 10-001), ch. 2, p. 26, § 28, effective January 1, 2011.