Optional settlement 4 consists of such other benefits as are the actuarial equivalent of a member’s retirement allowance, that he or she may select subject to the approval of the board. However, the actuarial equivalent of benefits under this optional settlement payable to the member’s beneficiary shall not exceed the actuarial equivalent of the benefits which would be payable to that beneficiary if the member had elected optional settlement 2 and Section 21459.
The board shall include in each member benefit booklet a specific illustration of the benefits available under optional settlement 4.
This section shall apply to any member who retires on or before December 31, 2017.
(Amended by Stats. 2016, Ch. 199, Sec. 13. (AB 2404) Effective January 1, 2017.)