Cal. Gov. Code § 20553

Current through the 2023 Legislative Session.
Section 20553 - Age of retirement fraction 50

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

501/4 ........................

.698

501/2 ........................

.709

503/4 ........................

.719

51 ........................

.730

511/4 ........................

.741

511/2 ........................

.753

513/4 ........................

.764

52 ........................

.776

521/4 ........................

.788

521/2 ........................

.800

523/4 ........................

.813

53 ........................

.825

531/4 ........................

.839

531/2 ........................

.852

533/4 ........................

.865

54 ........................

.879

541/4 ........................

.893

541/2 ........................

.908

543/4 ........................

.923

55 ........................

.937

551/4 ........................

.953

551/2 ........................

.969

553/4 ........................

.985

56 ........................

1.000

561/4 ........................

1.017

561/2 ........................

1.034

563/4 ........................

1.050

57 ........................

1.067

571/4 ........................

1.084

571/2 ........................

1.101

573/4 ........................

1.119

58 ........................

1.136

581/4 ........................

1.154

581/2 ........................

1.173

583/4 ........................

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.

Ca. Gov. Code § 20553

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