California Education Code 25013 – Upon election by the member to receive a benefit payable under the …
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Upon election by the member to receive a benefit payable under the Defined Benefit Supplement Program in the form of an annuity, the balance of credits in the member’s Defined Benefit Supplement account shall be transferred to the Annuitant Reserve.
(Added by Stats. 2000, Ch. 74, Sec. 69. Effective January 1, 2001.)
Terms Used In California Education Code 25013
- 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.