|(a) In this section, normal retirement age is the later of the month a member completes 15 years of credited qualified service or attains the age of 55, and early retirement age is the age of 55. (b) A member who has terminated service with all participating departments may apply for a service retirement annuity by filing an application for retirement with the commissioner. The application may not be filed more than one calendar month before the date the member wishes to retire and must designate a retirement date, which may not precede the date of filing or the date of first eligibility to retire. The effective date of a member's retirement is the first day of the calendar month after which a member files an application that meets the requirements of this subsection. (c) The local board of trustees shall hold a hearing on an application for service retirement within 15 days of the date of notice by the commissioner of the filing of the application. (d) A monthly service retirement annuity is payable for the period beginning on the effective date of retirement through the month in which the retiree dies but is not payable for any month for which the retiree was eligible to retire but did not. (e) A service retirement annuity is payable in equal monthly installments to a member who terminates service after attaining early retirement age or normal retirement age, subject to the vesting requirements of §308.1 of this title. (f) Except as otherwise provided by this section, the monthly service retirement annuity is equal to six times the governing body's average monthly contribution during the retiring member's term of qualified service. (g) For credited qualified service in excess of 15 years, a retiring member is entitled to receive an additional 6.2 percent of the annuity compounded annually and adjusted for days or months of credited qualified service that constitute less than a year. (h) Notwithstanding subsection (g) of this section, a person who had more than 15 years of qualified service as of December 31, 2006, is entitled to a service retirement annuity computed as the greater of the amount that existed on that date or the amount computed under the formula in effect on the date the person terminates service with all participating departments.