Statute · California Government Code

Cal. Gov't Code § 21476 — Optional Settlements On and After January 1, 2018

Cal. Gov't Code § 21476

Type: Statute
Source: California Government Code
Jurisdiction: California
Date: 2017-01-01
Current through: Nov 2, 2026 (California Legislative Counsel)

Citator

Cal. Gov't Code § 21476 — Optional Settlements On and After January 1, 2018 is in force in the current edition of the Code, and nothing recorded condemns it.

(a) The 50 Percent Beneficiary Option 3 consists of the right to have a retirement allowance paid to a member until his or her death, and thereafter to have one-half of the member’s monthly allowance paid to his or her named beneficiary for life; provided that with respect to a member subject to Section 21624, 21629, or 21630 at retirement, the named beneficiary shall receive a monthly allowance equal to one-half of that portion of the member’s allowance that exceeds the amount of the allowance deemed payable to a survivor.

(b) Upon the death of both the member and the named beneficiary, any remaining balance of the member’s accumulated contributions at retirement not used to fund the allowances paid to the member and the named beneficiary will be paid in a lump sum to the secondary beneficiary or beneficiaries named by the member.