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Legal Resources | Education Code |  EC  24202.6  

Service Retirement; Annual Allowance   

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(a) A member subject to the California Public Employees? Pension Reform Act of 2013 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

62 2.000

62 1/4 2.033

62 1/2 2.067

62 3/4 2.100

63 2.133

63 1/4 2.167

63 1/2 2.200

63 3/4 2.233

64 2.267

64 1/4 2.300

64 1/2 2.333

64 3/4 2.367

65 2.400

(2) If a member retires after attaining early retirement age but before attaining 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.

(b) In computing the amounts described in paragraph (1) of subdivision (a), the age of the member on the last day of the month in which the retirement allowance begins to be payable or the later date as described in Section 24204 shall be used.

(c) Creditable compensation used to calculate the defined benefit shall be limited as described in Section 22119.3.

(Amended by Stats. 2013, Ch. 559, Sec. 21.)