§ 20553. — 20553. (Added by Stats. 1995, Ch. 379, Sec. 2.)

California § 20553.

• Jurisdiction: California
• Code GOV: Government Code - GOV
• Div.: 5.
• Title 2.: DIVISION 5. PERSONNEL
• Part 3.: PART 3. PUBLIC EMPLOYEES' RETIREMENT SYSTEM
• Ch. 5.: CHAPTER 5. Contract Members of System
• Art. 4.: ARTICLE 4. Alternative Supplemental Service Retirement Plans for Local Miscellaneous Members of Riverside County

Text

The combined current and prior service pensions for a local miscellaneous member whose service is subject to this section is a pension derived from the contributions of the employer sufficient, when added to the service retirement annuity that is derived from the accumulated normal contributions of the member at the date of retirement, to equal the fraction of one-fiftieth of the member’s final compensation set forth opposite the member’s age at retirement, taken to the preceding completed quarter year, in the following table, multiplied by the number of years of
local miscellaneous service subject to this article, with which the member is entitled to be credited at retirement:
Age of
Retirement
Fraction
50
.688
50¼
.698
50½
.709
50¾
.719
51
.730
51¼
.741
51½
.753
51¾
.764
52
.776
52¼
.788
52½
.800
52¾
.813
53
.825
53¼
.839
53½
.852
53¾
.865
54
.879
54¼
.893
54½
.908
54¾
.923
55
.937
55¼
.953
55½
.969
55¾
.985
56
1.000
56¼
1.017
56½
1.034
56¾
1.050
57
1.067
57¼
1.084
57½
1.101
57¾
1.119
58
1.136
58¼
1.154
58½
1.173
58¾
1.191
59 and over
1.209
The fraction specified in the above table shall be reduced by one-third as applied to that part of final compensation that does not exceed four hundred dollars ($400) per month for all service of a member that has also been included in the federal system.
A local miscellaneous member subject to this section shall be retired for service upon his or her written applications to the board if he or she has attained age 50 and is credited with five years of state service.

Legislative History

Added by Stats. 1995, Ch. 379, Sec. 2. Effective January 1, 1996.