ARTICLE 7. Optional Settlements On and After January 1, 2018
Article 7 added by Stats. 2016, Ch. 199, Sec. 22.
§§ 21470–21483 · 18 sections
- § 21470 This system shall provide to any member who retires on or after January 1, 2018, and requests materials relating to retirement, a written explanation of the…
- § 21471 (a) The unmodified allowance consists of the right to have the maximum retirement allowance paid to a member until his or her death. There is no continuing…
- § 21471.1 (a) In lieu of electing the unmodified allowance, a member may elect to have the actuarial equivalent of his or her unmodified allowance as of the date of…
- § 21471.2 If a member elects an optional settlement that provides for a monthly allowance for his or her named beneficiary or beneficiaries, the combined allowance…
- § 21472 (a) 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…
- § 21473 (a) Notwithstanding Section 21472, the election of an optional settlement in Section 21475, 21475.5, 21476, 21476.5, or 21477 in which a spouse is designated…
- § 21474 (a) The Return of Remaining Contributions Option 1 consists of the right to have a retirement allowance paid to a member until his or her death and if he or…
- § 21475 (a) The 100 Percent Beneficiary Option 2 consists of the right to have a retirement allowance paid to a member until his or her death, and thereafter to have…
- § 21475.5 (a) The 100 Percent Beneficiary Option 2 with Benefit Allowance Increase consists of the right to have a retirement allowance paid to a member until his or her…
- § 21476 (a) The 50 Percent Beneficiary Option 3 consists of the right to have a retirement allowance paid to a member until his or her death, and thereafter to have…
- § 21476.5 (a) The 50 Percent Beneficiary Option 3 with Benefit Allowance Increase consists of the right to have a retirement allowance paid to a member until his or her…
- § 21477 (a) The Flexible Beneficiary Option 4 consists of the right to have a retirement allowance paid to a member until his or her death, and thereafter to have a…
- § 21478 (a) A member who elects to receive the unmodified allowance or the optional settlement in Section 21474, or the optional settlement in Section 21475, 21475.5,…
- § 21479 (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…
- § 21480 (a) Notwithstanding Section 21479, a member retiring for service who became a member of the system on or after January 1, 2002, and who is covered under the…
- § 21481 (a) (1) Notwithstanding any other provision of this part, a member who elected the optional settlement in Section 21475, 21475.5, 21476, 21476.5, or 21477 at…
- § 21482 (a) Notwithstanding any provision of this part, a retired member who chose no optional settlement or the optional settlement in Section 21474 at retirement and…
- § 21483 (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…