§ A8.603-2

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 53 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 A8.603-7 may retire for service at his or her option. Members may retire under this Section, 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 65 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 a) prior to attaining the age of 60 years, and after rendering 20 years or more of such service, computed under Section A8.603-7, and having attained the age of 53 years, or b) attaining the age of 60 years, and after rendering 10 years or more of such service, computed under Section A8.603-7, 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 A8.603-7:



Age at Retirement Percent for Each Year of Credited Service
53 1.000
53¼ 1.027
53½ 1.054
53¾ 1.081
54 1.108
54¼ 1.135
54½ 1.162
54¾ 1.189
55 1.216
55¼ 1.243
55½ 1.270
55¾ 1.297
56 1.324
56¼ 1.351
56½ 1.378
56¾ 1.405
57 1.432
57¼ 1.459
57½ 1.486
57¾ 1.513
58 1.540
58¼ 1.567
58½ 1.594
58¾ 1.621
59 1.648
59¼ 1.675
59½ 1.702
59¾ 1.729
60 1.756
60¼ 1.789
60½ 1.810
60¾ 1.837
61 1.864
61¼ 1.891
61½ 1.918
61¾ 1.945
62 1.972
62¼ 1.999
62½ 2.026
62¾ 2.053
63 2.080
63¼ 2.107
63½ 2.134
63¾ 2.161
64 2.188
64¼ 2.215
64½ 2.242
64¾ 2.269
65 2.3

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 A8.603-3 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 by Proposition C, Approved 11/8/2011)

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