California Education Code

§ 24205

EDC § 24205 Effective Jan 1, 2015Div. 1 · Title 1 · Part 13 · Ch. 27

Statute text

A member retiring prior to 60 years of age, and who has attained 55 years of age, may elect to receive one-half of the service retirement allowance for normal retirement age for a limited time and then revert to the full retirement allowance for normal retirement age.

(a)The retirement allowance shall be based on service credit and final compensation as of the date of retirement for service and shall be calculated with the factor for normal retirement age.

(b)If the member elects a joint and survivor option under Section 24300 or 24300.1, the actuarial reduction shall be based on the member’s and beneficiary’s ages as of the effective date of the early retirement. If the member elected a preretirement option under Section 24307, the actuarial reduction shall be based on the member’s and beneficiary’s ages as determined by the provisions of that section.

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Legislative history

Amended by Stats. 2014, Ch. 755, Sec. 34. (SB 1220) Effective January 1, 2015.