The combined current and prior service pensions for a local safety member who is an employee of a contracting agency that is subject to this section, is an annual pension that when added to the service retirement annuity that is derived from the accumulated normal contributions of the member shall equal the sum of the following:
(a)A temporary annuity based on age at retirement and length of service computed according to the following formula:
(1)0.50 times the product of his or her age at retirement and his or her years of credited prior and current service not in excess of 20 years, plus
(2)0.40 times the product of his or her age at retirement and his or her years of credited prior and current service in excess of 20 years.
(b)The percentage of final compensation set forth opposite
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The combined current and prior service pensions for a local safety member who is an employee of a contracting agency that is subject to this section, is an annual pension that when added to the service retirement annuity that is derived from the accumulated normal contributions of the member shall equal the sum of the following:
(a)
A temporary annuity based on age at retirement and length of service computed according to the following formula:
(1)
0.50 times the product of his or her age at retirement and his or her years of credited prior and current service not in excess of 20 years, plus
(2)
0.40 times the product of his or her age at retirement and his or her years of credited prior and current service in excess of 20 years.
(b)
The percentage of final compensation set forth opposite his or her age at retirement in the following table multiplied by the number of years of credited current and prior service as a safety member in the employ of all contracting agencies subject to this section at the time of his or her retirement:
If retirement
occurs at age:
The percent for
each year of
credited service
is:
50
0.619
50¼
0.629
50½
0.640
50¾
0.650
51
0.661
51¼
0.673
51½
0.684
51¾
0.695
52
0.708
52¼
0.719
52½
0.731
52¾
0.744
53
0.756
53¼
0.769
53½
0.783
53¾
0.796
54
0.810
54¼
0.824
54½
0.839
54¾
0.853
55
0.868
55¼
0.884
55½
0.900
55¾
0.916
56
0.931
56¼
0.949
56½
0.966
56¾
0.983
57
1.001
57¼
1.020
57½
1.039
57¾
1.058
58
1.076
58¼
1.098
58½
1.118
58¾
1.138
59
1.159
59¼
1.183
59½
1.205
59¾
1.228
60
1.250
60¼
1.275
60½
1.300
60¾
1.325
61
1.350
61¼
1.375
61½
1.400
61¾
1.425
62
1.450
62¼
1.475
62½
1.500
62¾
1.525
63
1.550
63¼
1.575
63½
1.600
63¾
1.625
64
1.650
64¼
1.675
64½
1.700
64¾
1.725
65
1.750
The temporary annuity under subdivision (a) of this section shall not be subject to the optional settlements under Article 6
(commencing with Section 21450) and shall be payable monthly until the retired member attains or would have attained age 65. Should his or her death occur prior to age 65, the commuted value of any remaining installments shall be paid to his or her designated beneficiary in the manner provided in former Section 21332.5, as added by Chapter 1264 of the Statutes of 1953, for payment of death benefits under optional settlement one.
The agency’s liability for prior service shall be in the same proportion to the total reserves required as the years of credited prior service bear to the total years of credited service. The agency’s liability for current service shall consist of the remainder of the total reserves required after deducting the liability for prior service and the accumulated normal contributions of the member.
This section shall apply only to a contracting agency that elected prior to October 1, 1965, by express
provision of its contract or amendment thereto to be subject hereto.