(1) Any member who has acquired five (5) years but less than thirty (30) years of credited service and has attained age sixty-five (65) may retire upon his or her written application filed with the Board of Trustees of the State Police Retirement System.
(2) Any member who has acquired thirty (30) or more years of credited service may retire at any age upon his or her written application filed with the board.
(3) For those members with less than thirty (30) credited years of service, the age sixty-five requirement shall be reduced by seventy-five hundredths (0.75) of a month for each credited month of service, but in no event to an age younger than fifty-five (55).
(4) This application shall set forth at what time, not less than thirty (30) days nor more than ninety (90) days subsequent to the execution and filing thereof, the member desires to be retired.
(5) Upon the member's retirement, he or she shall receive a pension provided for in § 24-6-406.