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California Law (Last Updated: March 4, 2014) |
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Government Code - GOV |
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Title 1. GENERAL |
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Division 7. MISCELLANEOUS |
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Chapter 21. Public Pension and Retirement Plans |
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ARTICLE 4. California Public Employees’ Pension Reform Act of 2013 |
Section 7522.20.
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(a) Each retirement system that offers a defined benefit plan for nonsafety members of the system shall use the formula prescribed by this section. The defined benefit plan shall provide a pension at retirement for service equal to the percentage of the member's final compensation set forth opposite the member's age at retirement, taken to the preceding quarter year, in the following table, multiplied by the number of years of service in the system as a nonsafety member. A member may retire for service under this section after five years of service and upon reaching 52 years of age.
Age of Retirement Fraction 52 ........................
1.00
521/4 ........................
1.025
521/2 ........................
1.050
523/4 ........................
1.075
53 ........................ ........................
1.100
531/4 ........................
1.125
531/2 ........................
1.150
533/4 ........................
1.175
54 ........................
1.200
541/4 ........................
1.225
541/2 ........................
1.250
543/4 ........................
1.275
55 ........................
1.300
551/4 ........................
1.325
551/2 ........................
1.350
553/4 ........................
1.375
56 ........................
1.400
561/4 ........................
1.425
561/2 ........................
1.450
563/4 ........................
1.475
57 ........................
1.500
571/4 ........................
1.525
571/2 ........................
1.550
573/4 ........................
1.575
58 ........................
1.600
581/4 ........................
1.625
581/2 ........................
1.650
583/4 ........................
1.675
59 ........................
1.700
591/4 ........................
1.725
591/2 ........................
1.750
593/4 ........................
1.775
60 ........................
1.800
601/4 ........................
1.825
601/2 ........................
1.850
603/4 ........................
1.875
61 ........................
1.900
611/4 ........................
1.925
611/2 ........................
1.950
613/4 ........................
1.975
62 ........................
2.000
621/4 ........................
2.025
621/2 ........................
2.050
623/4 ........................
2.075
63 ........................
2.100
631/4 ........................
2.125
631/2 ........................
2.150
633/4 ........................
2.175
64 ........................
2.200
641/4 ........................
2.225
641/2 ........................
2.250
643/4 ........................
2.275
65 ........................
2.300
651/4 ........................
2.325
651/2 ........................
2.350
653/4 ........................
2.375
66 ........................
2.400
661/4 ........................
2.425
661/2 ........................
2.450
663/4 ........................
2.475
67 ........................
2.500
(b) Pensionable compensation used to calculate the defined benefit shall be limited as described in Section 7522.10.
(c) A new member of the State Teachers' Retirement System shall be subject to the formula established pursuant to Section 24202.6 of the Education Code.