7522.25. (a) Each retirement system that offers a defined benefit plan for safety members of the system shall use one or more of the defined benefit formulas prescribed by this section. A member may retire for service under any of the formulas in this section after five years of service and upon reaching 50 years of age.
(b) The Basic Safety Plan shall provide a pension at retirement for service equal to the percentage of the member’s final compensation set forth opposite the member’s age at retirement, taken to the preceding quarter year, in the following table, multiplied by the number of years of service in the system as a safety member.
Fraction
Age at Retirement
50 ........................
1.426
501/4 ........................
1.447
501/2 ........................
1.467
503/4 ........................
1.488
51 ........................
1.508
511/4 ........................
1.529
511/2 ........................
1.549
513/4 ........................
1.570
52 ........................
1.590
521/4 ........................
1.611
521/2 ........................
1.631
523/4 ........................
1.652
53 ........................
1.672
531/4 ........................
1.693
531/2 ........................
1.713
533/4 ........................
1.734
54 ........................
1.754
541/4 ........................
1.775
541/2 ........................
1.795
543/4 ........................
1.816
55 ........................
1.836
551/4 ........................
1.857
551/2 ........................
1.877
553/4 ........................
1.898
56 ........................
1.918
561/4 ........................
1.939
561/2 ........................
1.959
563/4 ........................
1.980
57 and over ........................
2.000
(c) The Safety Option Plan One shall provide a pension at retirement for service equal to the percentage of the member’s final compensation set forth opposite the member’s age at retirement, taken to the preceding quarter year, in the following table, multiplied by the number of years of service in the system as a safety member.
Age at Retirement
Fraction
50 ........................
2.000
501/4 ........................
2.018
501/2 ........................
2.036
503/4 ........................
2.054
51 ........................
2.071
511/4 ........................
2.089
511/2 ........................
2.107
513/4 ........................
2.125
52 ........................
2.143
521/4 ........................
2.161
521/2 ........................
2.179
523/4 ........................
2.196
53 ........................
2.214
531/4 ........................
2.232
531/2 ........................
2.250
533/4 ........................
2.268
54 ........................
2.286
541/4 ........................
2.304
541/2 ........................
2.321
543/4 ........................
2.339
55 ........................
2.357
551/4 ........................
2.375
551/2 ........................
2.393
553/4 ........................
2.411
56 ........................
2.429
561/4 ........................
2.446
561/2 ........................
2.464
563/4 ........................
2.482
57 and over ........................
2.500
(d) The Safety Option Plan Two shall provide a pension at retirement for service equal to the percentage of the member’s final compensation set forth opposite the member’s age at retirement, taken to the preceding quarter year, in the following table, multiplied by the number of years of service in the system as a safety member.
Fraction
Age at Retirement
50 ........................
2.000
501/4 ........................
2.025
501/2 ........................
2.050
503/4 ........................
2.075
51 ........................
2.100
511/4 ........................
2.125
511/2 ........................
2.150
513/4 ........................
2.175
52 ........................
2.200
521/4 ........................
2.225
521/2 ........................
2.250
523/4 ........................
2.275
53 ........................
2.300
531/4 ........................
2.325
531/2 ........................
2.350
533/4 ........................
2.375
54 ........................
2.400
541/4 ........................
2.425
541/2 ........................
2.450
543/4 ........................
2.475
55 ........................
2.500
551/4 ........................
2.525
551/2 ........................
2.550
553/4 ........................
2.575
56 ........................
2.600
561/4 ........................
2.625
561/2 ........................
2.650
563/4 ........................
2.675
57 and over ........................
2.700
(e) On and after January 1, 2013, an employer shall offer one or more of the safety formulas prescribed by this section to new members who are safety employees. The formula offered shall be the formula that is closest to, and provides a lower benefit at 55 years of age than, the formula provided to members in the same retirement classification offered by the employer on December 31, 2012.
(f) On and after January 1, 2013, an employer and its employees subject to Safety Option Plan One or Safety Option Plan Two may agree in a memorandum of understanding to be subject to Safety Option Plan One or the Basic Safety Plan, subject to the following:
(1) The lower plan shall apply to members first employed on or after the effective date of the lower plan, and shall be agreed to in a memorandum of understanding that has been collectively bargained in accordance with applicable laws.
(2) A retirement plan contract amendment with a public retirement system to alter a retirement formula pursuant to this subdivision shall not be implemented by the employer in the absence of a memorandum of understanding that has been collectively bargained in accordance with applicable laws.
(3) An employer shall not use impasse procedures to impose the lower plan.
(4) An employer shall not provide a different defined benefit for nonrepresented, managerial, or supervisory employees than the employer provides for other public employees, including represented employees, of the same employer who are in the same membership classifications.
(g) Pensionable compensation used to calculate the defined benefit shall be limited as described in Section 7522.10.
(Amended by Stats. 2013, Ch. 528, Sec. 5. (SB 13) Effective October 4, 2013.)