California Government Code 9361.12 – Notwithstanding any provision of this part, a retired member who was …
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Notwithstanding any provision of this part, a retired member who was a Member of the Senate or Assembly may revoke an optional settlement and may designate a different beneficiary by a writing filed with the board. The new beneficiary shall receive an allowance based upon the actuarial equivalent, as of the date of the election, of the retired member’s allowance payable for the remainder of the lifetime of the retired member under one of the optional settlements specified in this article.
(Added by Stats. 1985, Ch. 255, Sec. 1.)
Terms Used In California Government Code 9361.12
- 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
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.