A8.587-2 SERVICE RETIREMENT

Any member who completes at least 20 years of service in the aggregate credited in the Retirement System and attains the age of 50 years, or at least 10 years of service in the aggregate credited in the Retirement System, and attains the age of 60 years, said service to be computed under Section A8.587-7 may retire for service at his or her option. Members may retire under this section or under the provisions of A8.587-6, on the first day of the month next following the attainment by them of the age of 65 years. A member retired after reaching the age of 62 years shall receive a service retirement allowance at the rate of 2.3 percent of said average final compensation for each year of service. The service retirement allowance of any member retiring prior to attaining the age of 60 years, and after rendering 20 years or more of such service, computed under Section A8.587-7, and having attained the age of 50 years, b) attaining the age of 60 years, and after rendering 10 years or more of such service, computed under Section A8.587-7, shall be an allowance equal to the percentage of said average final compensation set forth opposite his or her age at retirement, taken to the preceding completed quarter year, for each year of service, computed under Section A8.587-7: Age at Retirement Percent for Each Year of Credited Service Age at Retirement Percent for Each Year of Credited Service 50 1.000 50¼ 1.0250 50½ 1.0500 50¾ 1.0750 51 1.1000 51¼ 1.1250 51½ 1.1500 51¾ 1.1750 52 1.2000

52¼ 1.2250 52½ 1.2500 52¾ 1.2750 53 1.3000 53¼ 1.3250 53½ 1.3500 53¾ 1.3750 54 1.4000 54¼ 1.4250 54½ 1.4500 54¾ 1.4750 55 1.5000 55¼ 1.5250 55½ 1.5500 55¾ 1.5750 56 1.6000 56¼ 1.6250 56½ 1.6500 56¾ 1.6750 57 1.7000 57¼ 1.7250 57½ 1.7500 57¾ 1.7750 58 1.8000 58¼ 1.8250 58½ 1.8500 58¾ 1.8750 59 1.9000 59¼ 1.9250 59½ 1.9500 59¾ 1.9750 60 2.1000 60¼ 2.1250 60½ 2.1500 60¾ 2.1750 61 2.2000 61¼ 2.2250 61½ 2.2500 61¾ 2.2750 62 2.3000

In no event shall a member's retirement allowance exceed seventy-five percent of his or her average final compensation. Before the first payment of a retirement allowance is made, a member, retired under this section or Section A8.587-3, may elect to receive the actuarial equivalent of his or her allowance, partly in an allowance to be received by him or her throughout his or her life, and partly in other benefits payable after his or her death to another person or persons, provided that such election shall be subject to all the conditions prescribed by the Board of Supervisors to govern similar elections by other members of the Retirement System, including the character and amount, of such other benefits. In the calculations under this section of the retirement allowance of a member having credit for service in a position in the evening schools and service in any other position, separate retirement allowances shall be calculated, in the manner prescribed for each class of service, the average final compensation in each case being that for the respective class of service, provided that the aggregate retirement allowance shall be taken into account in applying the provisions of this section providing for a minimum retirement allowance. Part-time service and compensation shall be converted to full-time service and compensation in the manner prescribed by the Board of Supervisors, and when so converted shall be applied on full-time service and compensation in the calculation of retirement allowances. (Added November 2000; Amended by Proposition B, 6/3/2008)