(a)The combined prior and current service pension for a state safety member, upon retirement after attaining the age of 55 years, is a pension derived from contributions of an employer sufficient, when added to that portion of the service retirement annuity that is derived from the accumulated normal contributions of the member at the date of his or her retirement, to equal one-fiftieth of his or her final compensation multiplied by the number of years of state safety service, that is credited to him or her as a state safety member subject to this section at retirement.
(b)Upon retirement for service prior to attaining the age of 55 years, the percentage of final compensation payable for each year of credited service that is subject to this section shall be the
product of 2 percent
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(a)
The combined prior and current service pension for a state safety member, upon retirement after attaining the age of 55 years, is a pension derived from contributions of an employer sufficient, when added to that portion of the service retirement annuity that is derived from the accumulated normal contributions of the member at the date of his or her retirement, to equal one-fiftieth of his or her final compensation multiplied by the number of years of state safety service, that is credited to him or her as a state safety member subject to this section at retirement.
(b)
Upon retirement for service prior to attaining the age of 55 years, the percentage of final compensation payable for each year of credited service that is subject to this section shall be the
product of 2 percent multiplied by the factor set forth in the following table for his or her actual age at retirement:
Age at
Retirement
Fraction
50
0.713
50¼
0.725
50½
0.737
50¾
0.749
51
0.761
51¼
0.775
51½
0.788
51¾
0.801
52
0.814
52¼
0.828
52½
0.843
52¾
0.857
53
0.871
53¼
0.886
53½
0.902
53¾
0.917
54
0.933
54¼
0.950
54½
0.966
54¾
0.983
55
1.0000
55¼
1.0125
55½
1.0250
55¾
1.0375
56
1.0500
56¼
1.0625
56½
1.0750
56¾
1.0875
57
1.1000
57¼
1.1125
57½
1.1250
57¾
1.1375
58
1.1500
58¼
1.1625
58½
1.1750
58¾
1.1875
59
1.2000
59¼
1.2125
59½
1.2250
59¾
1.2375
60 and over
1.2500
(c)
In no event shall the total pension for all service under this section exceed an amount that, when added to the service retirement annuity related to that service, equals 80 percent of final compensation. If the pension relates to service to more than one employer and would otherwise exceed that maximum, the pension payable with respect to each employer shall be reduced in the same proportion as the allowance based on service to that employer bears to the total allowance computed as though there were no limit, so that the total of those pensions shall equal the maximum. Where a state member has service under this section with both state and local agency employers, the higher maximum shall apply and the additional benefit shall be funded by increasing the member’s pension payable with respect to the employer for whom the
member performed the service subject to the higher maximum.
(d)
The Legislature reserves, with respect to any member subject to this section, the right to provide for the adjustment of industrial disability retirement allowances because of earnings of a retired person and modification of the conditions and qualifications required for retirement for disability as it may find appropriate because of the earlier age of service retirement made possible by the benefits under this section.
(e)
This section shall apply to a state safety member who is employed by the state for the first time and becomes a state safety member of the system on or after the first day of the pay period following the effective date of this section, and is represented by State Bargaining Unit 12, 16, 18, or 19. With respect to related state safety members in managerial, supervisory, or confidential positions and
officers or employees of the executive branch of state government who are not members of the civil service, the Director of Human Resources may exercise his or her discretion whether to approve their status in writing to the board.
(f)
This section does not apply to:
(1)
Former state employees previously employed before the first day of the pay period following the effective date of this subdivision, who return to state employment on or after the first day of the pay period following the effective date of this subdivision.
(2)
State employees hired prior to the first day of the pay period following the effective date of this subdivision, who were subject to Section 20281.5 during the first 24 months of state employment.
(3)
State employees hired prior
to the first day of the pay period following the effective date of this subdivision, who become subject to representation by State Bargaining Unit 12, 16, 18, or 19 on or after the first day of the pay period following the effective date of this subdivision.
(4)
State employees on an approved leave of absence employed before the first day of the pay period following the effective date of this subdivision, who return to active employment on or after the first day of the pay period following the effective date of this subdivision.