California Education Code

§ 24300.1

EDC § 24300.1 Effective Jan 1, 2017Div. 1 · Title 1 · Part 13 · Ch. 28

Statute text

(a)A member may, upon application for retirement, elect an option pursuant to this part that would provide an actuarially modified retirement allowance payable throughout the life of the member and the member’s option beneficiary or beneficiaries, as follows:

(1)One hundred percent beneficiary option. The modified retirement allowance shall be paid to the retired member and upon the member’s death, 100 percent of the modified allowance shall continue to be paid to the option beneficiary.

(2)Seventy-five percent beneficiary option. The modified retirement allowance shall be paid to the retired member and upon the member’s death, 75 percent of the modified allowance shall continue to be paid to the option beneficiary. Pursuant to Section 401(a)(9) of the Internal Revenue Code, unless the option beneficiary is the member’s spouse or former spouse who has been awarded a community property interest in the benefits of the member under this part, the member may not designate an option beneficiary under this option who is more than exactly 19 years younger than the member.

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Legislative history

Amended by Stats. 2016, Ch. 559, Sec. 7. (AB 1875) Effective January 1, 2017.