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AB-2839 State Teachers’ Retirement System: benefits.(1999-2000)

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AB2839:v97#DOCUMENT

Amended  IN  Assembly  April 11, 2000
Amended  IN  Assembly  April 25, 2000

CALIFORNIA LEGISLATURE— 1999–2000 REGULAR SESSION

Assembly Bill
No. 2839


Introduced  by  Assembly Member Firebaugh
(Coauthor(s): Assembly Member Honda)

March 02, 2000


An act to add Section 24202.6 to the Education Code, relating to the State Teachers’ Retirement System.


LEGISLATIVE COUNSEL'S DIGEST


AB 2839, as amended, Firebaugh. State Teachers’ Retirement System: benefits.
The State Teachers’ Retirement Law prescribes retirement benefits for defined members.
This bill would prescribe a 2% at age 55 retirement formula for members who retire on or after January 1, 2001.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: YES   Local Program: NO  

The people of the State of California do enact as follows:


SECTION 1.

 Section 24202.6 is added to the Education Code, to read:

24202.6.
 (a) A member who retires for service on or after January 1, 2001, shall receive a service retirement allowance consisting of both of the following:
(1) An annual allowance payable in monthly installments 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 credited service:
 Age at
 retirement
Fraction
50   ........................
0.550
50 1/4 ........................
0.573
50 1/2 ........................
0.595
50 3/4 ........................
0.618
51   ........................
0.640
51 1/4 ........................
0.663
51 1/2 ........................
0.685
51 3/4 ........................
0.708
52   ........................
0.730
52 1/4 ........................
0.753
52 1/2 ........................
0.775
52 3/4 ........................
0.798
53   ........................
0.820
53 1/4 ........................
0.843
53 1/2 ........................
0.865
53 3/4 ........................
0.888
54   ........................
0.910
54 1/4 ........................
0.933
54 1/2 ........................
0.955
54 3/4 ........................
0.978
55   ........................
1.000
55 1/4 ........................
1.008
55 1/2 ........................
1.016
55 3/4 ........................
1.024
56   ........................
1.032
56 1/4 ........................
1.040
56 1/2 ........................
1.048
56 3/4 ........................
1.055
57   ........................
1.063
57 1/4 ........................
1.071
57 1/2 ........................
1.079
57 3/4 ........................
1.086
58   ........................
1.094
58 1/4 ........................
1.102
58 1/2 ........................
1.110
58 3/4 ........................
1.118
59   ........................
1.125
59 1/4 ........................
1.134
59 1/2 ........................
1.141
59 3/4 ........................
1.149
60   ........................
1.157
60 1/4 ........................
1.165
60 1/2 ........................
1.173
60 3/4 ........................
1.180
61   ........................
1.188
61 1/4 ........................
1.196
61 1/2 ........................
1.203
61 3/4 ........................
1.211
62   ........................
1.219
62 1/4 ........................
1.227
62 1/2 ........................
1.235
62 3/4 ........................
1.243
63 and over ........................
1.250
(2) An annuity that shall be the actuarial equivalent of the accumulated annuity deposit contributions standing to the credit of the member’s account at the time of retirement.
(b) In calculating the amounts described in subdivision (a), the age of the member on the last day of the month in which the retirement allowance begins to accrue, or the later date as provided in Section 24204 shall be used.