Public employees' retirement: eligibility.

The Public Employees' Retirement Law provides a comprehensive set of rights and benefits based upon age, service credit, and final compensation to members of the Public Employees' Retirement System. Existing law prescribes different retirement formulas for different membership classifications in the Public Employees' Retirement System, including for state patrol members, state safety members, state peace officer/firefighter members, state industrial members, and state miscellaneous members. These retirement formulas permit a member to retire at 50 years of age with reduced benefits in comparison to a later retirement. This bill would prohibit a state employee who becomes a member of the Public Employees' Retirement System on and after January 1, 2012, and who is not a state patrol member, a state safety member, or state peace officer/firefighter member, from retiring for service prior to reaching 55 years of age.