(a) A safety member who retires on or after January 1, 2013, for industrial disability shall receive a disability retirement benefit equal to the greater of the following:
(1) Fifty percent of his or her final compensation, plus an annuity purchased with his or her accumulated additional contributions, if any.
(2) A service retirement allowance, if he or she is qualified for service retirement.
(3) An actuarially reduced factor, as determined by the actuary, for each quarter year that his or her service age is less than 50 years, multiplied by the number of years of safety service subject to the applicable formula, if he or she is not qualified for service retirement.
(4) Nothing in this section shall require a member to receive a lower benefit than he or she would have received prior to January 1, 2013, as the law provided prior to that date.
(b) This section shall remain in effect only until January 1, 2023, and as of that date is repealed, unless a later enacted statute that is enacted before January 1, 2023, deletes or extends that date.
(Amended by Stats. 2017, Ch. 841, Sec. 2. (AB 512) Effective January 1, 2018. Repealed as of January 1, 2023, by its own provisions.)
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