A8.603-2 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 53 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 A8.603-7 may retire for service at his or her option. Members may retire under this Section, 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 65 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 a) prior to attaining the age of 60 years, and after rendering 20 years or more of such service, computed under Section A8.603-7, and having attained the age of 53 years, or b) attaining the age of 60 years, and after rendering 10 years or more of such service, computed under Section A8.603-7, 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 A8.603-7: Age at Retirement Percent for Each Year of Credited Service Age at Retirement Percent for Each Year of Credited Service 53 1.000 53¼ 1.027 53½ 1.054 53¾ 1.081 54 1.108 54¼ 1.135 54½ 1.162 54¾ 1.189 55 1.216 55¼ 1.243 55½ 1.270 55¾ 1.297 56 1.324 56¼ 1.351 56½ 1.378 56¾ 1.405 57 1.432 57¼ 1.459 57½ 1.486 57¾ 1.513 58 1.540 58¼ 1.567 58½ 1.594 58¾ 1.621 59 1.648 59¼ 1.675

59½ 1.702 59¾ 1.729 60 1.756 60¼ 1.789 60½ 1.810 60¾ 1.837 61 1.864 61¼ 1.891 61½ 1.918 61¾ 1.945 62 1.972 62¼ 1.999 62½ 2.026 62¾ 2.053 63 2.080 63¼ 2.107 63½ 2.134 63¾ 2.161 64 2.188 64¼ 2.215 64½ 2.242 64¾ 2.269 65 2.3

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 A8.603-3 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 by Proposition C, Approved 11/8/2011)