California § 20553 - The combined current and prior service pensions for a local miscellaneous member

§ 20553. The combined current and prior service pensions for a local miscellaneous member

The combined current and prior service pensions for a local miscellaneous member whose service is subject to this section is a pension derived from the contributions 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 local miscellaneous service subject to this article, with which the member is entitled to be credited at retirement: Age of Retirement Fraction 50 .688 50¼ .698 50½ .709 50¾ .719 51 .730 51¼ .741 51½ .753 51¾ .764 52 .776 52¼ .788 52½ .800 52¾ .813 53 .825 53¼ .839 53½ .852 53¾ .865 54 .879 54¼ .893 54½ .908 54¾ .923 55 .937 55¼ .953 55½ .969 55¾ .985 56 1.000 56¼ 1.017 56½ 1.034 56¾ 1.050 57 1.067 57¼ 1.084 57½ 1.101 57¾ 1.119 58 1.136 58¼ 1.154 58½ 1.173 58¾ 1.191 59 and over 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 service of a member that has also been included in the federal system. A local miscellaneous member subject to this section shall be retired for service upon his or her written applications to the board if he or she has attained age 50 and is credited with five years of state service.