(a) A member subject to the California Public Employees’ Pension Reform Act of 2013 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
62 ........................
2.000
621/4 ........................
2.033
621/2 ........................
2.067
623/4 ........................
2.100
63 ........................
2.133
631/4 ........................
2.167
631/2 ........................
2.200
633/4 ........................
2.233
64 ........................
2.267
641/4 ........................
2.300
641/2 ........................
2.333
643/4 ........................
2.367
65 ........................
2.400
(2) If a member retires after attaining early retirement age but before attaining 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.
(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 be payable or the later date as described in Section 24204 shall be used.
(c) Creditable compensation used to calculate the defined benefit shall be limited as described in Section 22119.3.
(Amended by Stats. 2013, Ch. 559, Sec. 21. (AB 1381) Effective January 1, 2014. Deemed operative January 1, 2013, by Sec. 1 of Ch. 559.)
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