(a) The 100 Percent Beneficiary Option 2 consists of the right to have a retirement allowance paid to a member until his or her death, and thereafter to have the same monthly allowance paid to his or her named beneficiary for life; provided that with respect to a member subject to Section 21624, 21629, or 21630 at retirement, the named beneficiary shall receive a monthly allowance equal to that portion of the member’s allowance that exceeds the amount of the allowance deemed payable to a survivor.
(b) Upon the death of both the member and the named beneficiary, any remaining balance of the member’s accumulated contributions at retirement not used to fund the allowances paid to the member and the named beneficiary will be paid in a lump sum to a secondary beneficiary or beneficiaries named by the member.
Terms Used In California Government Code 21475
- 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
(c) This section shall apply to any member who retires on or after January 1, 2018.
(Added by Stats. 2016, Ch. 199, Sec. 22. (AB 2404) Effective January 1, 2017.)