§ A8.587-2

SERVICE RETIREMENT

Any member who completes at least 20 years of service in the aggregate credited in the Retirement System and attains the age of 50 years, or at least 10 years of service in the aggregate credited in the Retirement System, and attains the age of 60 years, said service to be computed under Section A8.587-7 may retire for service at his or her option. Members may retire under this section or under the provisions of A8.587-6, on the first day of the month next following the attainment by them of the age of 65 years. A member retired after reaching the age of 62 years shall receive a service retirement allowance at the rate of 2.3 percent of said average final compensation for each year of service. The service retirement allowance of any member retiring prior to attaining the age of 60 years, and after rendering 20 years or more of such service, computed under Section A8.587-7, and having attained the age of 50 years, b) attaining the age of 60 years, and after rendering 10 years or more of such service, computed under Section A8.587-7, shall be an allowance equal to the percentage of said average final compensation set forth opposite his or her age at retirement, taken to the preceding completed quarter year, for each year of service, computed under Section A8.587-7:



Age at Retirement Percent for Each Year of Credited Service
50 1.000
50¼ 1.0250
50½ 1.0500
50¾ 1.0750
51 1.1000
51¼ 1.1250
51½ 1.1500
51¾ 1.1750
52 1.2000
52¼ 1.2250
52½ 1.2500
52¾ 1.2750
53 1.3000
53¼ 1.3250
53½ 1.3500
53¾ 1.3750
54 1.4000
54¼ 1.4250
54½ 1.4500
54¾ 1.4750
55 1.5000
55¼ 1.5250
55½ 1.5500
55¾ 1.5750
56 1.6000
56¼ 1.6250
56½ 1.6500
56¾ 1.6750
57 1.7000
57¼ 1.7250
57½ 1.7500
57¾ 1.7750
58 1.8000
58¼ 1.8250
58½ 1.8500
58¾ 1.8750
59 1.9000
59¼ 1.9250
59½ 1.9500
59¾ 1.9750
60 2.1000
60¼ 2.1250
60½ 2.1500
60¾ 2.1750
61 2.2000
61¼ 2.2250
61½ 2.2500
61¾ 2.2750
62 2.3000

In no event shall a member’s retirement allowance exceed seventy-five percent of his or her average final compensation.

Before the first payment of a retirement allowance is made, a member, retired under this section or Section A8.587-3, may elect to receive the actuarial equivalent of his or her allowance, partly in an allowance to be received by him or her throughout his or her life, and partly in other benefits payable after his or her death to another person or persons, provided that such election shall be subject to all the conditions prescribed by the Board of Supervisors to govern similar elections by other members of the Retirement System, including the character and amount, of such other benefits. In the calculations under this section of the retirement allowance of a member having credit for service in a position in the evening schools and service in any other position, separate retirement allowances shall be calculated, in the manner prescribed for each class of service, the average final compensation in each case being that for the respective class of service, provided that the aggregate retirement allowance shall be taken into account in applying the provisions of this section providing for a minimum retirement allowance. Part-time service and compensation shall be converted to full-time service and compensation in the manner prescribed by the Board of Supervisors, and when so converted shall be applied on full-time service and compensation in the calculation of retirement allowances.

History

(Added November 2000; Amended by Proposition B, 6/3/2008)

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