321.201  Early retirement benefit.--Effective July 1, 1969, any member employed subsequent to July 1, 1953, may elect to retire on an early retirement date which shall be not more than 5 years prior to his or her normal retirement date. Such date shall be his or her early retirement date. Upon early retirement, the member shall receive an immediate monthly benefit which shall commence on his or her early retirement date and be payable on the first day of each month thereafter during the member's lifetime. The amount of each monthly payment shall be computed as prescribed by s. 321.20, but based on average compensation and service as of the member's early retirement date, and the benefits so computed shall be reduced by five-twelfths of 1 percent for each complete month by which the early retirement date precedes his or her normal retirement date.