A.

(1) Upon service retirement, a class A member shall receive a service retirement allowance which shall consist of:

(a) A teacher annuity which shall be the actuarial equivalent of his accumulated contributions at the time of his retirement; and

(b) A state annuity which, together with the teacher annuity, shall provide (i) if the member's service retirement date occurs on or after his sixty-fifth (65th) birthday, an allowance equal to:

(2) Upon service retirement, a class B member shall receive a service retirement allowance which shall consist of:

(a) A teacher annuity which shall be the actuarial equivalent of his accumulated contributions at the time of his retirement, and

(b) A state annuity which, together with the teacher annuity, shall provide (i) if the member's service retirement date occurs on or after his sixty-fifth (65th) birthday an allowance equal to one and three-fourths per cent (1.75%) of his average final compensation multiplied by the total number of years of his creditable service, or (ii) if the member's service retirement date occurs before his sixty-fifth (65th) birthday, his retirement allowance as computed in (i) above shall be permanently reduced by four tenths of one per cent (.4%) for each full month the member retires prior to his attaining age sixty-five (65).

B.

(1) Upon service retirement a class A member shall receive a service retirement allowance which shall consist of:

(a) A teacher annuity which shall be the actuarial equivalent of his accumulated contributions at the time of his retirement; and

(b) If the member last became a member on or after July 1, 1957, a state annuity equal to the teacher annuity allowable at age sixty-five (65) or at his retirement age if prior to age sixty-five (65), computed on the basis of contributions made prior to age sixty-five (65) or his retirement age if prior thereto at the rate of three per cent (3%) of covered compensation and five per cent (5%) of compensation in excess of covered compensation; or

(c) If the member last became a member prior to July 1, 1957, and retired prior to the attainment of age sixty-five (65), a state annuity payable until the attainment of such age equal to: (i) the teacher annuity allowable at age sixty (60), or at his retirement age if prior thereto, computed on the basis of contributions made prior to January 1, 1956, and (ii) the teacher annuity allowable at age sixty (60), or at his retirement age if prior thereto, arising from contributions subsequent to January 1, 1956 and prior to July 1, 1961 as they would have stood if the member had contributed seven per cent (7%) of covered compensation and five per cent (5%) of compensation in excess of covered compensation, and (iii) the teacher annuity allowable at age sixty-three (63), or at his retirement age if prior thereto, arising from contributions subsequent to July 1, 1961 as they would have stood if the member had contributed seven per cent (7%) of covered compensation and five per cent (5%) of compensation in excess of covered compensation, and (iv) if the member has a prior service certificate in full force and effect, an additional state annuity equal to his prior service annuity.

(d) If the member last became a member prior to July 1, 1957, a state annuity payable on and after the attainment of age sixty-five (65), or on and after retirement if subsequent thereto, equal to: (i) the teacher annuity allowable at age sixty (60), or at his retirement age if prior thereto, computed on the basis of the contributions made prior to January 1, 1956, except that the part based on covered compensation shall be equal to sixty per cent (60%) of such part of such annuity, and (ii) the teacher annuity allowable at age sixty (60), or his retirement age if prior thereto, computed on the basis of contributions made subsequent to January 1, 1956 and prior to July 1, 1961 at the rate of three per cent (3%) of covered compensation and five per cent (5%) of compensation in excess of covered compensation, and (iii) the teacher annuity allowable at age sixty-three (63), or his retirement age if prior thereto, computed on the basis of contributions made subsequent to July 1, 1961 at the rate of three per cent (3%) of covered compensation and five per cent (5%) of compensation in excess of covered compensation, and (iv) if he has a prior service certificate in full force and effect, an additional state annuity equal to sixty per cent (60%) of his prior service annuity.

(2) Upon service retirement a class B member shall receive a service retirement allowance which shall consist of:

(a) A teacher annuity which shall be the actuarial equivalent of his accumulated contributions at the time of his retirement; and

(b) A state annuity equal to: (i) the teacher annuity allowable at age sixty (60) or at his retirement age if prior thereto, computed on the basis of contributions prior to July 1, 1961 made prior to age sixty (60) or his retirement age if prior thereto, and (ii) the teacher annuity allowable at age sixty-three (63) or at his retirement age if prior thereto, computed on the basis of contributions subsequent to July 1, 1961 made prior to age sixty-three (63) or his retirement age if prior thereto, and (iii) if he has a prior service certificate in full force and effect an additional state annuity equal to his prior service annuity.