The monthly deferred retirement benefit at the normal retirement date of an eligible employee shall be equal to the normal retirement benefit at set ages determined in accordance with §
51-85 of this Article
XXIX, based on his credited service at the time of termination of active employment. Notwithstanding the foregoing, the form of benefit payment under this §
51-86 shall be made in accordance with §
51-88 of this Article
XXIX.
The monthly immediate early retirement benefit of an eligible employee shall be equal to the normal retirement benefit determined in accordance with §
51-85 of this Article
XXIX, based on his credited service at the time of early retirement, reduced actuarially in accordance with the number of months by which such employee has not reached his normal retirement date at the time of withdrawal from active employment; provided, however, that in making the actuarial reduction hereunder for immediate commencement of benefits, in the case of an eligible employee who has completed 35 or more years of actual service with the Library at the time of withdrawal from active employment, there shall be added to the actual age of such employee at the time of withdrawal from active employment one additional year for every five years of service of the employee with the Library in excess of 30 years. For purposes hereof, years of service shall be calculated in the manner provided for in the definition of "credited service" in §
51-71 of Article
XXIV. Notwithstanding the foregoing, the form of benefit payment under this §
51-87 shall be made in accordance with §
51-88 of this Article
XXIX.
In the event that an employee or a retired employee or a former
employee who is entitled to a deferred retirement benefit shall die
before receiving an aggregate amount of pension at least equal to
the aggregate of his own contributions to the plan plus five-percent
interest, the difference shall be paid in a lump sum to his beneficiary
or his estate.