Section 311. Early Retirement.--Should a contributor be discontinued from service not voluntarily after having completed eight years of total service, or voluntarily after having completed twenty-four years of total service, but in either event before reaching superannuation retirement age, he shall be paid as he may elect, as follows:
(1) The full amount of his accumulated deductions plus the balance in the member's excess investment account standing to his credit in the member's account of the fund; or
(2) Upon the filing of an application in the manner outlined in section 309(1) a retirement allowance which shall consist of (i) a member's annuity of equivalent actuarial value to his accumulated deductions, plus the balance in the member's excess investment account, and (ii) a municipal annuity of equivalent actuarial value to the present value of a municipal annuity, beginning at superannuation retirement age, calculated in accordance with the provisions of section 309; or
(3) If qualified, a deferred retirement allowance as provided in section 314.
(311 amended May 17, 1980, P.L.135, No.50)