California Education Code

§ 24202

EDC § 24202 Effective Jan 1, 2014Div. 1 · Title 1 · Part 13 · Ch. 27

Statute text

(a)A member who retires for service after June 30, 1972, shall receive a retirement allowance consisting of both of the following:

(1)An annual allowance payable in monthly installments, upon retirement at normal retirement age but less than age 6014, equal to 2 percent of the final compensation for each year of credited service. If the member’s retirement is effective at less than normal retirement age and between early retirement age and 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.

(2)An annuity that shall be the actuarial equivalent of the accumulated annuity deposit contributions standing to the credit of the member’s account at the time of retirement.

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Legislative history

Amended by Stats. 2013, Ch. 559, Sec. 19. (AB 1381) Effective January 1, 2014. Deemed operative January 1, 2013, by Sec. 1 of Ch. 559.