California Education Code 23852 – Upon receipt of proof of death of a member who has no preretirement …
Upon receipt of proof of death of a member who has no preretirement option in effect:
(a) The surviving spouse may elect to receive either of the following:
Terms Used In California Education Code 23852
- 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.
- Member: as used in this chapter , means all persons who become members of the plan under this part on or after October 16, 1992, and all persons who were members as of October 15, 1992, who elected, pursuant to Chapter 21. See California Education Code 23850
(1) The member’s accumulated retirement contributions in a lump sum.
(2) If the member meets the provisions set forth in Section 23854, the survivor benefit allowance pursuant to Sections 23854 and 23855.
(b) If there is no surviving spouse, and the member meets the provisions set forth in Section 23854, then each dependent child shall receive the child’s portion of the survivor benefit allowance pursuant to Sections 23854, 23855, and 23856. The child’s portion of the survivor benefit allowance shall be paid in lieu of the return of the member’s accumulated retirement contributions.
(c) If there is no surviving spouse or dependent child to receive a benefit under subdivision (a) or (b), the member’s accumulated retirement contributions shall be paid to the member’s beneficiary in a lump sum.
(d) The member’s accumulated annuity deposit contributions shall be paid to the member’s beneficiary in a lump sum.
(e) The payment of accumulated contributions in a lump sum shall include credited interest through the date of payment.
(f) A beneficiary may waive the right to the lump-sum payment or survivor benefit allowance in accordance with the requirements 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.
(Amended by Stats. 2018, Ch. 416, Sec. 13. (SB 1165) Effective January 1, 2019.)