(a) The unmodified allowance consists of the right to have the maximum retirement allowance paid to a member until his or her death. There is no continuing allowance to a beneficiary and there is no return of unused accumulated contributions after the death of the member.
(b) This section shall apply to any member who retires on or after January 1, 2018.
Terms Used In California Government Code 21471
- 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
(Added by Stats. 2016, Ch. 199, Sec. 22. (AB 2404) Effective January 1, 2017.)