Except as provided in subsection (b) of this section, a member may retire with an early service retirement allowance if: the member completes and submits a written application to the Board of Trustees stating the date when the member desires to retire; and on or before the date of retirement, the member: has at least 15 years but less than 30 years of eligibility service; and is at least 55 but less than 62 years old. A member who begins membership on or after July 1, 2011, may retire with an early service retirement allowance if: the member completes and submits a written application to the Board of Trustees stating the date when the member desires to retire; and on or before the date of retirement, the member: has at least 15 years of eligibility service; and is at least 60 but less than 65 years old. Except as provided in paragraph (2) of this subsection, on retirement under this section, a member is entitled to receive an early service retirement allowance that equals the normal service retirement allowance under § 23–401 of this subtitle, reduced by 0.5% for each month that the member’s early retirement date precedes the date the member will be 62 years old. On retirement under this section, a member who begins membership on or after July 1, 2011, is entitled to receive an early service retirement allowance that equals the normal service retirement allowance to which the member would otherwise be entitled under § 23–401 of this subtitle, reduced by 0.5% for each month that the member’s early retirement date precedes the date the member will be 65 years old.