Such benefit shall not be reduced on the basis of the member’s age at the time of entry into membership. In the case of any member of the New York State and Local Employees’ Retirement System who is permitted to retire without regard to age or a member of the New York State and Local Police and Fire Retirement System, commencing upon attainment of age 61, the benefit otherwise provided shall be reduced while the member is in service to 97 per centum of the benefit otherwise payable, and each year thereafter the benefit payable shall be reduced by an amount equal to three per centum per year of the original benefit otherwise payable, but not below 70 per centum of the original benefit otherwise payable. In the case of any other member of the New York State and Local Employees’ Retirement System, commencing upon attainment of age 61, the benefit otherwise provided pursuant to this paragraph two shall be reduced while the member is in service to 96 per centum of the benefit otherwise payable, and each year thereafter the benefit payable shall be reduced by an amount equal to four per centum per year of the original benefit otherwise payable, but not below 60 per centum of the original benefit otherwise payable.

Upon retirement, the benefit in force shall be reduced by 50 per centum; upon completion of the first year of retirement, the benefit in force at the time of retirement shall be reduced by an additional 25 per centum, and upon commencement of the third year of retirement, the benefit shall be 10 per centum of the benefit in force at age 60, if any, or at the time of retirement if retirement preceded such age; provided, however, the benefit in retirement shall not be reduced below 10 per centum of the benefit in force at age 60, if any, or at the time of retirement if retirement preceded such age.