Optional settlement 1 consists of the right to have a retirement allowance paid to the member until his or her death and if the member dies before he or she receives in annuity payments the amount of his or her accumulated contributions at retirement, to have the balance at death paid to his or her beneficiary or estate.

This section shall apply to any member who retires on or before December 31, 2017.

(Amended by Stats. 2016, Ch. 199, Sec. 10. (AB 2404) Effective January 1, 2017.)