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2. An eligible retirement plan is an individual retirement account <br /> described in the Internal Revenue Code, Section 408(a), an <br /> individual retirement annuity described in the Internal Revenue <br /> Code, Section 408(b), an annuity plan described in the Internal <br /> Revenue Code, Section 403(a), a qualified trust described in the <br /> Internal Revenue Code, Section 401(a), an annuity contract <br /> described in the Internal Revenue Code, Section 403(b), or an <br /> eligible governmental deferred compensation plan under the <br /> Internal Revenue Code, Section 457(b), that accepts the <br /> distributee's eligible rollover distribution; <br /> 3 A distributee includes an employee or former employee and his or <br /> her surviving spouse; <br /> 4. A direct rollover is a payment from an investment account to the <br /> eligible retirement plan specified by the distributee. <br /> 2.62.410 Early Service Retirement <br /> Upon application of an employee who has attained the age of fifty (50) and has at least <br /> twenty (20) years of service, the employee shall be retired and shall be eligible for either <br /> of the benefits prescribed by this chapter for such person. <br /> 2.62.420 Disability Retirement <br /> An employee who becomes disabled due to injury or illness on or after May 1, 2001, <br /> regardless of length of service, shall be eligible for a disability benefit up to sixty-seven <br /> percent (67%) of his or her compensation. Notwithstanding any other provisions of this <br /> chapter, such disability benefit shall be provided under, and in accordance with the terms, <br /> conditions, requirements, limitations, rules and procedures (including, but not limited to, <br /> the criteria for determining disability, rules and procedures regarding medical <br /> examinations, the commencement and duration of payments, offsets for other benefits or <br /> payments and application procedures), of an insurance contract purchased by the board of <br /> trustees. Premiums for such insurance contract shall be paid from the fund. The disability <br /> benefit under this section shall be in addition to any benefit to which an employee is <br /> entitled upon retirement or after leaving the service pursuant to Section 2.62.400 or <br /> 2.62.410. <br /> 2.62.422 Reserved <br /> 2.62.424 Reduction of Benefits for Compensation under Workmen's <br /> Compensation Law <br /> A. If an employee or his/her dependents are entitled to benefits under this <br /> chapter and likewise to benefits under the workers' compensation law as a <br />