(a) The Return of Remaining Contributions Option 1 consists of the right to have a retirement allowance paid to a member until his or her death and if he or she 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 beneficiaries.

(b) This section shall apply to any member who retires on or after January 1, 2018.

Terms Used In California Government Code 21474

  • 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.
  • 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.)