California Education Code

§ 24202.5

EDC § 24202.5 Effective Jan 1, 2014Div. 1 · Title 1 · Part 13 · Ch. 27

Statute text

(a)A member who retires for service on or after January 1, 1999, shall receive a retirement allowance consisting of all of the following:

(1)An annual allowance payable in monthly installments, upon retirement equal to the percentage of the final compensation set forth opposite the member’s age at retirement in the following table multiplied by each year of credited service: Age at Retirement Percentage 60 2.00 60¼ 2.033 60½ 2.067 60¾ 2.10 61 2.133 61¼ 2.167 61½ 2.20 61¾ 2.233 62 2.267 62¼ 2.30 62½ 2.333 62¾ 2.367 63 and over 2.40 If the member’s retirement is effective at less than normal retirement age and between early retirement age and normal retirement age, the member’s allowance shall be reduced by one-half of 1 percent for each full month, or fraction of a month that will elapse until the member will attain normal retirement age.

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Legislative history

Amended by Stats. 2013, Ch. 559, Sec. 20. (AB 1381) Effective January 1, 2014. Deemed operative January 1, 2013, by Sec. 1 of Ch. 559.