A beneficiary who is the spouse of the participant and who is entitled to a distribution that equals or exceeds five thousand dollars ($5,000), may elect to receive the distribution in one of the following forms:
(a) A single lump-sum payment.
Terms Used In California Government Code 22960.90
- 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
- Spouse: includes "registered domestic partner" as required by Section 297. See California Education Code 19407
(b) Substantially level installment payments for a period of years that extends no longer than the life expectancy of the beneficiary.
(c) A single life annuity.
(Added by Stats. 1998, Ch. 820, Sec. 11. Effective September 25, 1998.)