Section 24202 Of Chapter 27. Service Retirement From California Education Code >> Division 1. >> Title 1. >> Part 13. >> Chapter 27.
24202
. (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 60 1/4, 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.
(b) In computing the amounts described in subdivision (a), the age
of the member on the last day of the month in which the retirement
allowance begins to accrue or such later date as provided in Section
24204 shall be used.
(c) The amendments to this section during the 1997-98 Regular
Session of the Legislature shall not apply to state employees.
(d) This section shall not apply to a member subject to the
California Public Employees' Pension Reform Act of 2013.