Optional settlement 3 consists of the right to elect in writing to have a retirement allowance paid to the member until the member’s death, and thereafter to have one-half of the member’s retirement allowance paid to the natural person, having an insurable interest in the member’s life, as the member nominates by written designation duly executed and filed with the board at the time of the member’s retirement.

(Amended by Stats. 2022, Ch. 231, Sec. 16. (AB 1824) Effective January 1, 2023.)