(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.)