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<br />I ' . . <br /> <br />,"'l < . ~ <br /> <br />'-' <br /> <br />...." <br /> <br />STATEMENT OF AMENDMENTS TO <br /> <br />THE CALIFORNIA STATE ~YEES' RETIREIAENT~ <br /> <br />WHICH MAY BE ELECTED BY A CONTRACTING PUBLIC AGENCY <br />(To be attached to Summary of Valuation <br />Results as of July 1, 1950, F322c) <br /> <br />A. Agency may elect to apply to its contract the 1945 and 1947 amendments to the <br />Retirement Law, briefly as follows: <br /> <br />(1) Normal service retirement age for Miscellaneous Members reduced from <br />65 to 60; <br /> <br />(2) The factor in the service retirement allowance formula for Miscellaneous <br />Members increased from 1/70 to 1/60; <br /> <br />(3) The minimum guaranteed monthly retirement allowance increased from $40 to <br />$60 to apply at age 65 or over with credit for 20 years of service or at <br />age 70 with prior service credit; <br /> <br />(4) A death benefit of $300 prOVided for retired persons; <br /> <br />(5) A guaranteed percentage of final compensation for each year of service as <br />a member, provided for Miscellaneous Members; <br /> <br />(6) The maximum of $5,000 per annum of compensation to be included in compu- <br />tations under the Retirement Law, removed; <br /> <br />(7) Normal service retirement age for Local Safety members reduced from 60 <br />to 55 and basis of benefits increased. <br /> <br />B. Agency may elect to apply to its contract the 1949 amendments to the Retirement <br />Law, briefly as follows: <br /> <br />(8) Prior service allowances provided for Miscellaneous Members, equal to one- <br />sixtieth of final compensation upon service retirement at age 60 or its <br />actuarial equivalent upon service retirement ages 55 to 65 and over; <br /> <br />(9) A guaranteed percentage of final compensation provided for each year of <br />service as a Local Safety Member. <br /> <br />C. (10) Agency may elect to make contributions of its members who were or will be <br />absent on military service, in addition to its contributions as an employer. <br /> <br />D. Agency may elect to increase the retirement allowances payable to retired <br />persons and provide a death benefit for them by applying to such persons the <br />provisions of its contract: <br /> <br />(11) As that contract existed on June 30, 1950, or <br /> <br />(12) As that contract would exist if amended as outlined under paragraph "A" <br />above, or <br /> <br />(13) As that contract would exist if amended as outlined under paragraphs <br />"A" and "B" above. <br /> <br />F 591 5-51 1500 <br />