California Government Code 22970.84 – (a) Any participant who is entitled to a distribution may elect …
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(a) Any participant who is entitled to a distribution may elect to receive the distribution in either of the following forms:
(1) A single lump sum payment.
Terms Used In California Government Code 22970.84
- 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) Substantially level installment payments for a period of years that extends no longer than the life expectancy of the participant.
(b) Any beneficiary who is entitled to a distribution may elect to receive the distribution in either of the following forms:
(1) A single lump sum payment.
(2) Substantially level installment payments for a period of years that extends no longer than the life expectancy of the beneficiary.
(Added by Stats. 1999, Ch. 307, Sec. 4. Effective January 1, 2000.)