Section 21354.4 - Combined current and prior service pensions for local miscellaneous members(a) The combined current and prior service pensions for a local miscellaneous member is a pension derived from the contributions of the employer sufficient, when added to the service retirement annuity that is derived from the accumulated normal contributions of the member at the date of retirement, to equal the fraction of one-fiftieth of the member's final compensation set forth opposite the member's age at retirement, taken to the preceding completed quarter year, in the following table, multiplied by the number of years of current and prior service except service in a category of membership other than that of local miscellaneous member with which the member is entitled to be credited at retirement: Age at |
Retirement | Fraction |
50 ........................ | 1.0000 |
501/4 ........................ | 1.0125 |
501/2 ........................ | 1.0250 |
503/4 ........................ | 1.0375 |
51 ........................ | 1.0500 |
511/4 ........................ | 1.0625 |
511/2 ........................ | 1.0750 |
513/4 ........................ | 1.0875 |
52 ........................ | 1.1000 |
521/4 ........................ | 1.1125 |
521/2 ........................ | 1.1250 |
523/4 ........................ | 1.1375 |
53 ........................ | 1.1500 |
531/4 ........................ | 1.1625 |
531/2 ........................ | 1.1750 |
533/4 ........................ | 1.1875 |
54 ........................ | 1.2000 |
541/4 ........................ | 1.2125 |
541/2 ........................ | 1.2250 |
543/4 ........................ | 1.2375 |
55 and over ........................ | 1.2500 |
(b) The fraction specified in the above table shall be reduced by one-third as applied to that part of final compensation that does not exceed four hundred dollars ($400) per month for all service of a member any of whose service has been included in the federal system. This reduction shall not apply to a member employed by a contracting agency that enters into a contract after July 1, 1971, and who elects not to be subject to this subdivision or with respect to service rendered after the termination of coverage under the federal system with respect to the coverage group to which the member belongs.(c) This section shall supersede Sections 21353, 21354, and 21354.1, with respect to a local miscellaneous member who is employed by a contracting agency on or after the date this section becomes applicable to the contracting agency.(d) This section shall not apply to a contracting agency nor its employees until the contracting agency elects to make all local miscellaneous members subject to it by amendment to its contract made in the manner prescribed for approval of contracts or in the case of a new contract, by express provision of the contract. The operative date of this section with respect to a local miscellaneous member shall be the effective date of the amendment to his or her employer's contract electing to be subject to this section.Amended by Stats 2006 ch 118 (AB 2244),s 16, eff. 1/1/2007.Amended by Stats 2002 ch 664 (AB 3034),s 107, eff. 1/1/2003.Added by Stats 2001 ch 782 (AB 616), s 3, eff. 1/1/2002.