(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.
Age at Retirement
Fraction
50
1.426
5014
1.447
5012
1.467
5034
1.488
51
1.508
5114
1.529
5112
1.549
5134
1.570
52
1.590
5214
1.611
5212
1.631
5234
1.652
53
1.672
5314
1.693
5312
1.713
5334
1.734
54
1.754
5414
1.775
5412
1.795
5434
1.816
55
1.836
5514
1.857
5512
1.877
5534
1.898
56
1.918
5614
1.939
5612
1.959
5634
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
5014
2.018
5012
2.036
5034
2.054
51
2.071
5114
2.089
5112
2.107
5134
2.125
52
2.143
5214
2.161
5212
2.179
5234
2.196
53
2.214
5314
2.232
5312
2.250
5334
2.268
54
2.286
5414
2.304
5412
2.321
5434
2.339
55
2.357
5514
2.375
5512
2.393
5534
2.411
56
2.429
5614
2.446
5612
2.464
5634
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.
Age at Retirement
Fraction
50
2.000
5014
2.025
5012
2.050
5034
2.075
51
2.100
5114
2.125
5112
2.150
5134
2.175
52
2.200
5214
2.225
5212
2.250
5234
2.275
53
2.300
5314
2.325
5312
2.350
5334
2.375
54
2.400
5414
2.425
5412
2.450
5434
2.475
55
2.500
5514
2.525
5512
2.550
5534
2.575
56
2.600
5614
2.625
5612
2.650
5634
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.