(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 601/4, 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.
(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.)