Upon retirement for disability pursuant to this chapter, a member under this part shall receive a retirement allowance that shall consist of all of the following:

(a) An annual allowance equal to 50 percent of final compensation payable in monthly installments.

Terms Used In California Education Code 24106

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Dependent: A person dependent for support upon another.

(b) An additional 10 percent of final compensation for each dependent child, up to a maximum of 40 percent of final compensation. If there are more than four dependent children, they shall share equally in the maximum allowance of 40 percent. A dependent child may waive his or her right to his or her portion of the allowance in accordance with procedures established by the system. The waiver shall be submitted on a properly executed form prescribed by the system. All waiver forms for an ongoing benefit shall include an acknowledgment on the part of the waiving beneficiary that the benefit being waived is an ongoing benefit, which may exceed the total amount of contributions and interest payable from the member’s account as a result of the waiver. The filing of a waiver by a beneficiary constitutes a complete and immediate discharge of all obligations of the board, the system, or the plan to or on behalf of the beneficiary.

(c) An annuity that shall be the actuarial equivalent of the accumulated annuity deposit contributions standing to the credit of the member’s account on the effective date of the disability retirement.

(Amended by Stats. 2017, Ch. 298, Sec. 11. (AB 1325) Effective January 1, 2018.)

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