California Government Code 21062 – Notwithstanding Section 21061, a local safety member to whom Section …
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Notwithstanding Section 21061, a local safety member to whom Section 21061 applies shall be retired for service upon his or her written application to the board if he or she has attained age 50 and is credited with five years of state service.
However, if the member retires before attaining age 55, his or her prior and current service pensions shall be reduced to that amount that the value of the pensions as deferred to that minimum age will purchase at the actual age of retirement on the basis of the mortality tables and actuarial interest rate in effect with respect to those members.
Terms Used In California Government Code 21062
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- State: means the State of California, unless applied to the different parts of the United States. See California Government Code 18
(Added by Stats. 1995, Ch. 379, Sec. 2. Effective January 1, 1996.)