Public employees' retirement: safety members: industrial disability retirement.

The Public Employees' Retirement Law, until January 1, 2018, provides a state safety member of the Public Employees' Retirement System who retires for industrial disability a retirement benefit equal to the greatest amount resulting from 3 possible calculations. In this regard, the benefit amount is based on an actuarially reduced service retirement, a service retirement allowance, if the member is qualified, or 50% of his or her final compensation, plus an annuity purchased with his or her accumulated contributions, if any. Existing law establishes the Public Employees' Retirement Fund, which is appropriated continuously for various purposes, including the payment of benefits. This bill would extend the operation of these provisions until January 1, 2023. By providing that a continuously appropriated fund may be spent for a new purpose, this bill would make an appropriation. The bill would also make a statement of legislative findings.