(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. (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
   63 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 1 percent for each full month, or fraction of a month that will elapse until the member will attain normal retirement age.

2. (2) An annuity that shall be the actuarial equivalent of the member’s accumulated annuity deposit contributions at the time of retirement.
3. (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 25011 or 25011.1.