The minimum early service retirement allowance payable under the defined benefit component of the plan pursuant to §8-36-911 shall be the minimum service retirement allowance computed in accordance with §8-36-909 on the basis of the participant's creditable service at the time of early retirement, reduced by an actuarially determined factor as set by the board from time to time. Section8-36-124 shall not apply in determining the retirement allowance payable under this section.