ARTICLE 6. Optional Settlements Prior to January 1, 2018
Heading of Article 6 amended by Stats. 2016, Ch. 199, Sec. 4.
§§ 21450–21465 · 17 sections
- § 21450 This system shall provide to any member who requests materials relating to retirement, a written explanation of the effects, if any, of each possible decision…
- § 21451 In lieu of the retirement allowance for his or her life alone, a member or retired member may elect, or revoke or change a previous election prior to the…
- § 21452 The lesser retirement allowance under an optional settlement elected at retirement for law enforcement members whose retirement is effective prior to October…
- § 21453 An election, revocation, or change of election shall be made within 30 calendar days after the making of the first payment on account of any retirement…
- § 21454 Notwithstanding Section 21453, an election of optional settlement 2 or 3, or optional settlement 4 involving life contingency in which a spouse is designated…
- § 21455 Optional settlement 1 consists of the right to have a retirement allowance paid to the member until his or her death and if the member dies before he or she…
- § 21456 Optional settlement 2 consists of the right to have a retirement allowance paid to a member until his or her death and thereafter to his or her beneficiary for…
- § 21457 Optional settlement 3 consists of the right to have a retirement allowance paid to a member until his or her death, and thereafter to have one-half of his or…
- § 21458 Optional settlement 4 consists of such other benefits as are the actuarial equivalent of a member’s retirement allowance, that he or she may select subject to…
- § 21459 A member who elects to receive optional settlement 2 or 3 may concurrently and irrevocably elect to waive the provision for an increase to his or her allowance…
- § 21460 A member who elects to receive the unmodified allowance or optional settlement 1, or optional settlement 2, 3, or 4 with or without making the election…
- § 21461 (a) A member retiring for service may elect to have the actuarial equivalent of his or her unmodified service retirement allowance paid in two parts as…
- § 21461.5 (a) Notwithstanding Section 21461, a member retiring for service who became a member of the system on or after January 1, 2002, and who is covered under the…
- § 21462 (a) (1) Notwithstanding any other provision of this part, a member who elected to receive optional settlement 2, 3, or 4 at retirement, involving a life…
- § 21463 A member who elected to receive optional settlement 2 or 3 and whose beneficiary predeceases him or her, shall be entitled to receive the increased allowance…
- § 21464 Notwithstanding any provision of this part, a retired member who chose no optional settlement or optional settlement one at retirement and who marries after…
- § 21465 (a) Optional settlement 5 consists of a partial distribution of the actuarial present value of the portion, as specified in this section, of the member’s…