§ 21353.5. — (Amended (as added by Stats. 1998, Ch. 91) by Stats. 1999, Ch. 555, Sec. 31.)

California § 21353.5.

• Jurisdiction: California
• Code GOV: Government Code - GOV
• Div.: 5.
• Title 2.: DIVISION 5. PERSONNEL
• Part 3.: PART 3. PUBLIC EMPLOYEES' RETIREMENT SYSTEM
• Ch. 13.: CHAPTER 13. Retirement Benefits
• Art. 4.: ARTICLE 4. Retirement for Service

Text

The combined current and prior service pensions for a state miscellaneous or industrial member who has elected to be subject to the service retirement formula prescribed in this section, as provided by Sections 21071 and 21073.5, 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 current and prior service, except service in a category of membership other than that credited under this section, with which the member is entitled to be credited at retirement:
Age of
Retirement
Fraction
50
.546
50¼
.554
50½
.562
50¾
.570
51
.578
51¼
.586
51½
.595
51¾
.603
52
.612
52¼
.621
52½
.630
52¾
.639
53
.648
53¼
.658
53½
.668
53¾
.678
54
.688
54¼
.698
54½
.709
54¾
.719
55
.730
55¼
.741
55½
.753
55¾
.764
56
.776
56¼
.788
56½
.800
56¾
.813
57
.825
57¼
.839
57½
.852
57¾
.865
58
.879
58¼
.893
58½
.908
58¾
.923
59
.937
59¼
.953
59½
.969
59¾
.985
60 and over
1.000
The fractions specified in the above table shall be reduced by one-third as applied to that part of final compensation which does not exceed four hundred dollars ($400) per month for all service of a member any of whose service has been included in the
federal system.
The retirement allowance provided by this section, which shall be effective for members who retire on and after April 1, 1998, is granted subject to future reduction prior to a member’s retirement, by offset of federal system benefits or otherwise, as the Legislature may from time to time deem appropriate because of changes in such federal system benefits.

Legislative History

Added by Stats. 1998, Ch. 88, Sec. 64. Effective June 30, 1998. See the identical section added by Stats. 1998, Ch. 91, and its conditional amendment by Stats. 1999, Ch. 555.