The combined current and prior service pensions for a local safety member who is an employee of a contracting agency that is subject to this section, is an annual pension that when added to the service retirement annuity that is derived from the accumulated normal contributions of the member shall equal the sum of the following:
(a) A temporary annuity based on age at retirement and length of service computed according to the following formula:
(1) 0.50 times the product of his or her age at retirement and his or her years of credited prior and current service not in excess of 20 years, plus
(2) 0.40 times the product of his or her age at retirement and his or her years of credited prior and current service in excess of 20 years.
(b) The percentage of final compensation set forth opposite his or her age at retirement in the following table multiplied by the number of years of credited current and prior service as a safety member in the employ of all contracting agencies subject to this section at the time of his or her retirement:
If retirement
occurs at age: | The percent for
each year of
credited service
is: |
50
........................
| 0.619 |
50¼
........................
| 0.629 |
50½
........................
| 0.640 |
50¾
........................
| 0.650 |
51
........................
| 0.661 |
51¼
........................
| 0.673 |
51½
........................
| 0.684 |
51¾
........................
| 0.695 |
52
........................
| 0.708 |
52¼
........................
| 0.719 |
52½
........................
| 0.731 |
52¾
........................
| 0.744 |
53
........................
| 0.756 |
53¼
........................
| 0.769 |
53½
........................
| 0.783 |
53¾
........................
| 0.796 |
54
........................
| 0.810 |
54¼
........................
| 0.824 |
54½
........................
| 0.839 |
54¾
........................
| 0.853 |
55
........................
| 0.868 |
55¼
........................
| 0.884 |
55½
........................
| 0.900 |
55¾
........................
| 0.916 |
56
........................
| 0.931 |
56¼
........................
| 0.949 |
56½
........................
| 0.966 |
56¾
........................
| 0.983 |
57
........................
| 1.001 |
57¼
........................
| 1.020 |
57½
........................
| 1.039 |
57¾
........................
| 1.058 |
58
........................
| 1.076 |
58¼
........................
| 1.098 |
58½
........................
| 1.118 |
58¾
........................
| 1.138 |
59
........................
| 1.159 |
59¼
........................
| 1.183 |
59½
........................
| 1.205 |
59¾
........................
| 1.228 |
60
........................
| 1.250 |
60¼
........................
| 1.275 |
60½
........................
| 1.300 |
60¾
........................
| 1.325 |
61
........................
| 1.350 |
61¼
........................
| 1.375 |
61½
........................
| 1.400 |
61¾
........................
| 1.425 |
62
........................
| 1.450 |
62¼
........................
| 1.475 |
62½
........................
| 1.500 |
62¾
........................
| 1.525 |
63
........................
| 1.550 |
63¼
........................
| 1.575 |
63½
........................
| 1.600 |
63¾
........................
| 1.625 |
64
........................
| 1.650 |
64¼
........................
| 1.675 |
64½
........................
| 1.700 |
64¾
........................
| 1.725 |
65
........................
| 1.750 |
The temporary annuity under subdivision (a) of this section shall not be subject to the optional settlements under Article 6
(commencing with Section 21450) and shall be payable monthly until the retired member attains or would have attained age 65. Should his or her death occur prior to age 65, the commuted value of any remaining installments shall be paid to his or her designated beneficiary in the manner provided in former Section 21332.5, as added by Chapter 1264 of the Statutes of 1953, for payment of death benefits under optional settlement one.
The agency’s liability for prior service shall be in the same proportion to the total reserves required as the years of credited prior service bear to the total years of credited service. The agency’s liability for current service shall consist of the remainder of the total reserves required after deducting the liability for prior service and the accumulated normal contributions of the member.
This section shall apply only to a contracting agency that elected prior to October 1, 1965, by express
provision of its contract or amendment thereto to be subject hereto.