(a) A member who retires for service on or after January 1, 1999, shall receive a retirement allowance consisting of all of the following:
(1) An annual allowance payable in monthly installments, upon retirement equal to the percentage of the final compensation set forth opposite the member’s age at retirement in the following table multiplied by each year of credited service:
Age at Retirement
Percentage
60 ........................
2.00
60¼ ........................
2.033
60½ ........................
2.067
60¾ ........................
2.10
61 ........................
2.133
61¼ ........................
2.167
61½ ........................
2.20
61¾ ........................
2.233
62 ........................
2.267
62¼ ........................
2.30
62½ ........................
2.333
62¾ ........................
2.367
63 and over ........................
2.40
If the member’s retirement is effective at less than normal retirement age and between early retirement age and normal retirement age, the member’s allowance shall be reduced by one-half of 1 percent for each full month, or fraction of a month that will elapse until the member will attain normal retirement age.
(2) An annuity that shall be the actuarial equivalent of the member’s accumulated annuity deposit contributions at the time of retirement.
(3) An annuity based on the balance of credits in the member’s Defined Benefit Supplement account, pursuant to Section 25012, if elected by the member pursuant to Section 25011 or 25011.1.
(b) In computing the amounts described in paragraph (1) of subdivision (a), the age of the member on the last day of the month in which the retirement allowance begins to accrue or the later date as described in Section 24204 shall be used.
(c) This section shall not apply to a member subject to the California Public Employees’ Pension Reform Act of 2013.
(Amended by Stats. 2013, Ch. 559, Sec. 20. (AB 1381) Effective January 1, 2014. Deemed operative January 1, 2013, by Sec. 1 of Ch. 559.)
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