(

a) A member who retires for service on or after January 1, 1999, shall receive a retirement allowance consisting of all of the following:

(1) An annual allowance payable in monthly installments, upon retirement equal to the percentage of the final compensation set forth opposite the member’s age at retirement in the following table multiplied by each year of credited service: Age at Retirement Percentage 60 2.00 60¼ 2.033 60½ 2.067 60¾ 2.10 61 2.133 61¼ 2.167 61½ 2.20 61¾ 2.233 62 2.267 62¼ 2.30 62½ 2.333 62¾ 2.367 and over 2.40 If the member’s retirement is effective at less than normal retirement age and between early retirement age and normal retirement age, the member’s allowance shall be reduced by one-half of percent for each full month, or fraction of a month that will elapse until the member will attain normal retirement age.

(2) An annuity that shall be the actuarial equivalent of the member’s accumulated annuity deposit contributions at the time of retirement.

(3) An annuity based on the balance of credits in the member’s Defined Benefit Supplement account, pursuant to

Section 25012, if elected by the member pursuant to

Section or 25011.1. (

b) In computing the amounts described in paragraph (1) of subdivision (a), the age of the member on the last day of the month in which the retirement allowance begins to accrue or the later date as described in

Section shall be used. (

c) This

section shall not apply to a member subject to the California Public Employees’ Pension Reform Act of 2013.