(a) A member may retire with a normal service retirement allowance if:
(1) on or before the date of retirement, the member:
(i) has at least 30 years of eligibility service; or
(ii) is at least 60 years old; and
(2) the member completes and submits a written application to the Board of Trustees stating the date when the member desires to retire.
(b) On retirement under this section, a member is entitled to receive a normal service retirement allowance that equals one fifty-fifth of the member's average final compensation multiplied by the number of years of creditable service.