California § 21368 - The combined current and prior service pensions for a local safety member who is

§ 21368. The combined current and prior service pensions for a local safety member who is

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.