31776.2. The participant’s monthly allowance shall be an amount equal to the monthly allowance the participant would have received if he or she had retired for service on the election date, subject to the following:
(a) Any unused sick leave or vacation leave that accrued as of the election date and was not used by the participant during the program period may be included in the calculation of the participant’s allowance in accordance with a collective bargaining agreement, subject to other retirement rules for members not participating in the program.
(b) The participant’s allowance may be adjusted in accordance with the implementing ordinance for some or all of the cost-of-living adjustments that the participant would have received during the program period as if the participant had retired on the election date.
(c) The participant’s allowance shall be adjusted based on any election by the participant of any optional retirement allowance pursuant to Article 11 (commencing with Section 31760). The adjustment shall be based on the ages of the participant and, if applicable, the participant’s spouse or beneficiary as of the retirement date.
(d) The provisions of Article 15 (commencing with Section 31830) shall apply for purposes of calculating the participant’s allowance. The participant shall be deemed to have retired on the retirement date for purposes of determining whether the member retired concurrently under both systems as required under this article.
(Added by Stats. 2003, Ch. 897, Sec. 1. Effective January 1, 2004.)