(a) Upon receipt of proof of a participant’s death, the beneficiary or beneficiaries shall be entitled to a death benefit that is a lump-sum distribution of the balance remaining in the participant’s account.
(1) If the participant died prior to termination of employment or distribution of all of the contributions and earnings credited to the participant’s account, the lump-sum distribution shall be an amount that is equal to the balance remaining in the participant’s account.
Terms Used In California Government Code 22960.88
- 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
(2) If the participant died while receiving a periodic payment, any remaining payments shall be paid to the beneficiary under the same schedule until there is no balance remaining in the participant’s account.
(b) Application for the distribution shall be made on an application form prescribed by the board.
(Added by Stats. 1998, Ch. 820, Sec. 11. Effective September 25, 1998.)