Section 408. Early Retirement.--Should a member be discontinued from service not voluntarily, after having completed a required number of years of total service, or voluntarily after having completed a required number of 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 the accumulated deductions standing to his credit in the member's account of the fund, plus the balance in the member's excess investment account; or
(2) The early retirement allowance, if any, specified in the contract.
(408 amended May 17, 1980, P.L.135, No.50)