The combined current and prior service pensions for a local miscellaneous member is a pension derived from the contribution 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 current and prior service except service in a category of membership other than that of local miscellaneous member with which the member is entitled to be credited at retirement:

Age of Retirement

Terms Used In California Government Code 21354

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • compensation: means the remuneration paid out of funds controlled by the employer in payment for the member's services performed during normal working hours or for time during which the member is excused from work because of any of the following:

    California Government Code 20630

  • Contract: A legal written agreement that becomes binding when signed.

Fraction

50 ……………………  

0.713

50¼  ……………………

0.725

50½  ……………………

0.737

50¾  ……………………

0.749

51  ……………………

0.761

51¼  ……………………

0.775

51½  ……………………

0.788

51¾  ……………………

0.801

52  ……………………

0.814

52¼  ……………………

0.828

52½  ……………………

0.843

52¾  ……………………

0.857

53  ……………………

0.871

53¼  ……………………

0.886

53½  ……………………

0.902

53¾  ……………………

0.917

54  ……………………

0.933

54¼  ……………………

0.950

54½  ……………………

0.966

54¾  ……………………

0.983

55  ……………………

1.000

55¼  ……………………

1.007

55½  ……………………

1.013

55¾  ……………………

1.020

56  ……………………

1.026

56¼  ……………………

1.033

56½  ……………………

1.039

56¾  ……………………

1.046

57  ……………………

1.052

57¼  ……………………

1.059

57½  ……………………

1.065

57¾  ……………………

1.072

58  ……………………

1.078

58¼  ……………………

1.085

58½  ……………………

1.091

58¾  ……………………

1.098

59  ……………………

1.105

59¼  ……………………

1.111

59½  ……………………

1.118

59¾  ……………………

1.124

60  ……………………

1.131

60¼  ……………………

1.137

60½  ……………………

1.144

60¾  ……………………

1.150

61  ……………………

1.157

61¼  ……………………

1.163

61½  ……………………

1.170

61¾  ……………………

1.176

62  ……………………

1.183

62¼  ……………………

1.189

62½  ……………………

1.196

62¾  ……………………

1.202

63  ……………………

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 services of a member any of whose service has been included in the federal system. This reduction shall not apply to a member employed by a contracting agency that enters into a contract after July 1, 1971, and who elects not to be subject to this paragraph or with respect to service rendered after the termination of coverage under the federal system with respect to the coverage group to which the member belongs.

This section shall supersede Section 21353 with respect to all local miscellaneous members who retire after the date this section becomes applicable to their respective employers.

This section shall not apply to a contracting agency nor its employees until the contracting agency elects to make all local miscellaneous members subject to it by amendment to its contract made in the manner prescribed for approval of contracts or in the case of a new contract, by express provision of the contract. The operative date of this section with respect to a local miscellaneous member shall be the effective date of the amendment to his or her employer’s contract electing to be subject to this section.

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

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