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:

Terms Used In California Government Code 21368

  • 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.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • 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.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.

(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.

(Repealed and added by Stats. 1995, Ch. 379, Sec. 2. Effective January 1, 1996.)

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