California Education Code 24343 – (a) Any member who retired for service under Option 2 or Option …
(a) Any member who retired for service under Option 2 or Option 3 with an effective date prior to January 1, 1991, whose option beneficiary had died prior to January 1, 1995, shall receive, effective January 1, 1999, the retirement allowance without modification for the option if all of the following conditions are met:
(1) The retired member is living as of January 1, 1999.
Terms Used In California Education Code 24343
- 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
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(2) The retired member has not elected a new option beneficiary under Section 24323.
(3) The retirement allowance without modification for the option payable as of January 1, 1999, is greater than the amount payable under the option, plus the amounts from annual benefit improvements, ad hoc benefit increases, and payments from the Supplemental Benefit Maintenance Account.
(4) The retired member does not inform the system in writing, on a form provided by the system, within 30 days of receipt of the notification of the change to the retirement allowance without modification for the option, of his or her election to continue to receive the option allowance.
(b) Any member who retired for service under Option 4 or Option 5 with an effective date prior to January 1, 1991, whose option beneficiary had died prior to January 1, 1999, shall receive effective January 1, 1999, the retirement allowance without modification for the option if all the following conditions are met:
(1) The retired member is living as of January 1, 1999.
(2) The retired member has not elected a new option beneficiary under Section 24323.
(3) The retirement allowance without modification for the option payable as of January 1, 1999, is greater than the amount payable under the option, plus the amount from annual benefit improvements, ad hoc benefit increases, and payments from the Supplemental Benefit Maintenance Account.
(4) The retired member does not inform the system in writing, on a form provided by the system, within 30 days of receipt of the notification of the change to the retirement allowance without modification for the option, of his or her election to continue to receive the option allowance.
(c) The change to the retirement allowance without modification for the option shall be consistent with Section 22453.
(d) A member retired for service who receives the retirement allowance without modification for the option provided under this section shall not elect a new option beneficiary under Section 24323.
(e) The cost of this section shall be paid by the transfer for that purpose of the one-time gain accrued to the State Teachers’ Retirement System from the difference between the contributions received pursuant to Sections 22901 and 22950 in the 1997-98 fiscal year minus the normal cost as displayed in the June 30, 1997, actuarial valuation.
(Added by renumbering Section 24313 by Stats. 2014, Ch. 755, Sec. 63. (SB 1220) Effective January 1, 2015.)