A member may retire with a normal service retirement allowance if: on or before the date of retirement, the member: has at least 30 years of eligibility service; or is at least 60 years old; and the member completes and submits a written application to the Board of Trustees stating the date when the member desires to retire. Except as provided in paragraph (2) of this subsection, 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. On retirement under this section, if a member’s annuity is greater than the member’s normal service retirement allowance calculated under paragraph (1) of this subsection, the member’s normal service retirement allowance shall equal the member’s annuity.