A member who elects to receive optional settlement 2 or 3 may concurrently and irrevocably elect to waive the provision for an increase to his or her allowance due to the death of his or her beneficiary, a dissolution of marriage or a legal separation in which the judgment dividing the community property awards the total interest in this retirement system to the member, or in an annulment of the marriage in which a court confirms the annulment, or if the nonspouse beneficiary waives entitlement to this allowance and shall, instead, have his or her allowance based upon the waiver of this benefit.

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

Terms Used In California Government Code 21459

  • 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
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.

(Amended by Stats. 2017, Ch. 241, Sec. 13. (SB 525) Effective January 1, 2018.)

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