(a) Except as provided in subdivision (b), an annuity payable under the Defined Benefit Supplement Program shall be determined as a value actuarially equivalent to the balance of credits in the member’s Defined Benefit Supplement Program account on the member’s retirement date and after any lump-sum payment. If a single life annuity is elected, the annuity shall be calculated using the age of the member on the member’s retirement date. A member may elect a single life annuity only if the member did not elect to receive a modified allowance pursuant to Section 24300 or 24300.1. If a joint and survivor annuity is elected, the annuity shall be calculated using the age of the member and the age of the member’s beneficiary on the member’s annuity effective date. A member may elect a joint and survivor annuity only if the member elected to receive a modified allowance pursuant to Section 24300 or 24300.1.

(b) If a member elected to receive an annuity pursuant to Section 25018 or 25018.1, and if the member is still receiving the annuity at the time the member’s disability allowance is terminated pursuant to Section 24213, the annuity already in effect shall continue upon the member’s service retirement provided the member’s service retirement benefit effective date is the day after the disability allowance termination date.

Terms Used In California Education Code 25012

  • 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

(c) The beneficiary designation made pursuant to Section 24307 is not applicable to benefits payable under this chapter.

(Amended by Stats. 2018, Ch. 416, Sec. 20. (SB 1165) Effective January 1, 2019.)

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