Section 20553.  


Latest version.
  • 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.

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