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r <br />• ,^ ~ ' lc <br />SUMMARY OF AMENDMENTS TO <br />THE CALI~ F~ORNTA STATE ETA RET~~11T LAW <br />(which may be elected by a Contracting Public Agency) <br />A. The amendments to the Retirement Law made in 1945 and 1947 reduced the ages at <br />which members may be retired and increased the benefits members will receive. <br />The principal amendments were as follows: <br />(1) AIormal service retirement age for P~Iiscellaneous Members reduced from <br />65 to 60 and the factor in the service retirement benefit formula ins <br />creased froth 1/70 to 1/60 with a guaranteed percentage of final compen- <br />sation for each year of service as a member; <br />(2) The minimum guaranteed monthly retirement allowance increased from X40 <br />to X60 to apply at age 65, or over, with credit for 20 years of service <br />or at age 70 with prior service credit; <br />(3) A death benefit of X300 provided for retired persons; <br />(4) The removal of the maximum of X5,000 per annum of compensation to be <br />included in computations under the Retirement Law; <br />(5) Normal service retirement age for Local Safety members reduced from <br />60 to 55 and basis of benefits increased. <br />B. The amendments to the Retirement Law made in 1949, trhich a Public Agency may <br />elect to apply to its contract, are: <br />(6) Prior service benefits of Miscellaneous Members equal to one-.sixtieth <br />of final compensation upon service retirement at age 60 or its actuarial <br />equivalent upon service retirement at ages 55 to 65, and over; <br />(?) A guaranteed percentage of final compensation for each year of service <br />as a Local Safety Member. <br />C. The amendments to the Retirement Law made in 1953, which a Public Agency may <br />elect to apply to its contract, are in part: <br />(f3) Minimum service retirement age for Local Safety Members reduced from 55 <br />to 50~ the allowance to be discounted for ages at retirement under 55; <br />(9) Retirement Benefits based on highest average monthly compensation earn- <br />able during three consecutive years of membership; <br />(10) Death Benefit for retired persons increased from X300 to ~1t00. <br />Ret. Form 559-1 (Rev.9/>!~) 1500 <br />