California § 7522.20 - Each retirement system that offers a defined benefit plan for nonsafety members o

§ 7522.20. Each retirement system that offers a defined benefit plan for nonsafety members o

(a) Each retirement system that offers a defined benefit plan for nonsafety members of the system shall use the formula prescribed by this section. The defined benefit plan shall provide a pension at retirement for service equal to the percentage of the member’s final compensation set forth opposite the member’s age at retirement, taken to the preceding quarter year, in the following table, multiplied by the number of years of service in the system as a nonsafety member. A member may retire for service under this section after five years of service and upon reaching 52 years of age. Age of Retirement Fraction 52 1.000 52 1 4 1.025 52 1 2 1.050 52 3 4 1.075 53 1.100 53 1 4 1.125 53 1 2 1.150 53 3 4 1.175 54 1.200 54 1 4 1.225 54 1 2 1.250 54 3 4 1.275 55 1.300 55 1 4 1.325 55 1 2 1.350 55 3 4 1.375 56 1.400 56 1 4 1.425 56 1 2 1.450 56 3 4 1.475 57 1.500 57 1 4 1.525 57 1 2 1.550 57 3 4 1.575 58 1.600 58 1 4 1.625 58 1 2 1.650 58 3 4 1.675 59 1.700 59 1 4 1.725 59 1 2 1.750 59 3 4 1.775 60 1.800 60 1 4 1.825 60 1 2 1.850 60 3 4 1.875 61 1.900 61 1 4 1.925 61 1 2 1.950 61 3 4 1.975 62 2.000 62 1 4 2.025 62 1 2 2.050 62 3 4 2.075 63 2.100 63 1 4 2.125 63 1 2 2.150 63 3 4 2.175 64 2.200 64 1 4 2.225 64 1 2 2.250 64 3 4 2.275 65 2.300 65 1 4 2.325 65 1 2 2.350 65 3 4 2.375 66 2.400 66 1 4 2.425 66 1 2 2.450 66 3 4 2.475 67 2.500 (b) Pensionable compensation used to calculate the defined benefit shall be limited as described in Section 7522.10. (c) A new member of the State Teachers’ Retirement System shall be subject to the formula established pursuant to Section 24202.6 of the Education Code.