Agmt_1950_December 7_SERS - Laserfiche WebLink

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. -~ . . ., ~mi\RY 0]<' 1\':lEllJl!ENTS TO ..... -' THE CALIFORNIA ~ EIlPLOYEES' RETIRE1\IENT Li\Vl (To be attached to Contract with \ctuaries) A. The amendments to the Retirement Law made in 1945 and 1947 reduced the ages at which members may be retired and increased the benefits members will receive, the principal amenwnents briefly being as follows: (1) llormal service retirement age for Miscellaneous Members reduced from 65 to 60; (2) The factor in the service retirement benefit formula for Miscel- laneous Members increased from 1/70 to 1/60; (3) The minimum guaranteed monthly retirement allowance increased from $40 to $60 to apply at age 65 or over with credit for 20 years of service or at age 70 with prior service credit; (4) A death benefit of $300 provided for retired persons; (5) A guaranteed percentage of final compensation for each year of service as a member, provided for Miscellaneous Members; (6) The removal of the maximum of $5,000 per annum of compensation to be included in computations under the Retirement Law; (7) Normal service retirement age for Local Safety members reduced from 60 to 55 and basis of benefits increased. B. The amendments to the Retirement Law made in 1949, which a Public .\gency may elect to apply to its contract, are: (1) Section 21253 of the Retirement Law, providing for prior ser- vice benefits of Miscellaneous Members at one-sixtieth of final compensation upon service retirement at age 60 or its actu- arial equivalent upon service retirffiuent ages 55 to 65 and over; (2) Section 21252.4 of the Retirement Law, providing for a guaran- teed percentage of final compensation for each year of service as a Local Safety Member. C. Agency may elect to pay the member-contributions of its employees who were or will be absent on military service. (Actuaries will determine only the approxi- mate cost to Agency of paying the member-contributions with respect to its em- ployees who have returned from military absence prior to January 1, 1950.) D. Agency may elect to increase the retirement allowances payable to retired per- sons by applying to such persons the provisions of its contract: (1) As that contract existed on June 30, 1950, or (':!) As that contract would exist if amended as outlined under paragraph IIAII above, or (3) As that contract would exist if a-nended as outlined under paragraphs itA" and "13" above. F 559 10-50 400