Section 24410.5 - Annual allowance payable on effective date of section(a) Notwithstanding any provision of this part, including, but not limited to, subdivision (e) of Section 22664, the annual allowance payable on the effective date of this section to a retired member, an option beneficiary, or a surviving spouse receiving an allowance pursuant to either Section 23805 or 23855 shall not be less than the amount identified in the following schedule for the number of years of the member's credited service under the Defined Benefit Program at the time of the member's retirement, disability, or death, excluding service credited pursuant to Sections 22714, 22715, 22717, and 22826, after the application of all allowances and allowance increases authorized by this part, including those specified in Sections 24412 and 24415, as those sections read on December 31, 1999, and excluding annuities payable from the accumulated annuity deposit contributions or the accumulated tax-sheltered annuity contributions: 20 years of credited service ........................ | $15,000 |
21 years of credited service ........................ | $15,500 |
22 years of credited service ........................ | $16,000 |
23 years of credited service ........................ | $16,500 |
24 years of credited service ........................ | $17,000 |
25 years of credited service ........................ | $17,500 |
26 years of credited service ........................ | $18,000 |
27 years of credited service ........................ | $18,500 |
28 years of credited service ........................ | $19,000 |
29 years of credited service ........................ | $19,500 |
30 years or more of credited service ........................ | $20,000 |
(b) Notwithstanding subdivision (a), the amount identified in the schedule in subdivision (a) shall be reduced: (1) By 50 percent for a beneficiary receiving an allowance under Option 3 or Option 7.(2) By one-third for an option beneficiary receiving an allowance under Option 4 after the death of the member or for a member receiving an allowance under Option 4 after the death of the option beneficiary.(3) By 50 percent for an option beneficiary receiving an allowance under Option 5 after the death of the member or for a member receiving an allowance under Option 5 after the death of the option beneficiary.(4) By a percentage equal to 100 percent minus the percentage of the member's modified allowance received by the option beneficiary for each option beneficiary receiving an allowance under Option 8.(5) By 60 percent for a surviving spouse receiving an allowance pursuant to subdivision (a) of Section 23805.(6) By 50 percent for a surviving spouse receiving an allowance pursuant to subdivision (c) of Section 23805 or Section 23855.(c) A member to whom a disability allowance is payable on January 1, 2000, who subsequently receives a service retirement allowance pursuant to Section 24213 shall, upon the retirement for service, receive an increase in the service retirement allowance pursuant to this section.(d) A member, beneficiary, or surviving spouse may receive an allowance pursuant to this section only if the member was an active member at the time of the member's retirement, or death and, for those members who retired for service, the member retired on or after age 55, unless the member's allowance was not subject to a reduction due to retirement prior to an age specified in this part.(e) A retired member, option beneficiary, or surviving spouse subject to this section shall receive the annual minimum allowance pursuant to this section unless the system receives in writing, on a form prescribed by the system, notification from the member, option beneficiary, or surviving spouse before May 1, 2000, of his or her election not to receive the increase provided under this section.(f) Benefits payable under this section shall be initially paid by the system on July 1, 2000.Amended by Stats 2000 ch 1025 (AB 816), s 35, eff. 1/1/2001.Added October 10, 1999 (Bill Number: SB 713) (Chapter 632). Stats 2000 ch 1026 (SB 1505), s 2also amended this section, but was superseded.