California Government Code 31778.3 – (a) A participant may designate a person or persons as …
(a) A participant may designate a person or persons as beneficiaries of the participant’s program account at any time during the period from the deferred retirement calculation date to the election date. The beneficiary or beneficiaries shall be designated on a form prescribed by the board, signed by the participant, and filed with the board.
(b) The participant’s beneficiary designation may not be given effect, and shall be overridden, to the extent that designation would impair the rights of any surviving spouse or surviving minors under applicable federal or state law.
Terms Used In California Government Code 31778.3
- 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
- Person: includes any person, firm, association, organization, partnership, limited liability company, business trust, corporation, or company. See California Government Code 17
- Spouse: includes "registered domestic partner" as required by §. See California Government Code 12.2
- State: means the State of California, unless applied to the different parts of the United States. See California Government Code 18
(c) Unless otherwise provided in the beneficiary designation form, each designated beneficiary shall be entitled to equal shares of the lump-sum distribution that shall be payable from the participant’s program account upon the death of the participant.
(d) The nomination of a beneficiary or beneficiaries under this section may be revoked at the pleasure of the person who made the nomination, and a different beneficiary or beneficiaries may be nominated by a written designation duly executed and filed with the board.
(e) If the participant dies without a valid beneficiary designation on file, or if no designated beneficiary survives the participant, the participant’s account shall be payable to the participant’s estate.
(Added by Stats. 2003, Ch. 897, Sec. 1. Effective January 1, 2004.)