Outline Of Retirement Plan Provisions

I. ELIGIBILITY
First of pay period following date of employment.

II. DEFINITION OF SALARY
Highest 12 consecutive months of compensation earnable.

III. SERVICE RETIREMENT
A. Normal Retirement Age: 1. Age 55 for Governmental Code Section 31676.11 for General Members
2. Age 55 for Governmental Code Section 31664 for Safety Members
B. Early Retirement: 1. Age 50 and 10 years, or any age with 30 years for General and 20 years for Safety.
C. Benefit: 1. 1/60 times final average salary per year of service for General Members
2. 1/50 times final average salary per year of service for Safety Members
IV. DISABILITY RETIREMENT
A. Non-service Connected: Greater of 1.5% (1.8% for Safety) of final average salary per year of service, with a maximum 33-1/3% if projected service is used (age 65 for General, age 55 for Safety). or 90% of the accrued service retirement benefits without a benefit adjustment, or service retirement benefit (if eligible).
B. Service Connected: Greater of 50% of final average or service retirement benefit (if eligible).
V. DEATH BEFORE RETIREMENT
A. Non-service connected: 1. Refund of contributions plus 1/12 of last years' salary per year of service up to 6 years.
B. Eligible for non-service connected disability or service retirement.: 1. 60% of member's accrued allowance.
C. Service connected: 1. 50% of salary
VI. DEATH AFTER RETIREMENT
A. Service retirement or non-service connected disability: 1. 60% of member's allowance payable to an eligible spouse.
B. Service connected disability: 1. 100% of member's allowance payable to an eligible spouse.

VII. VESTING
A. Must leave contributions on deposit
B. Five years of service

VIII. MEMBER'S CONTRIBUTIONS
Based on entry age

IX. MAXIMUM BENEFIT
100% of final average salary

X. COST-OF-LIVING
Up to 3% based upon Bay Area C.P.I.

Last modified: Saturday, May 13, 2000