California Education Code

§ 25009

EDC § 25009 Effective Jan 1, 2008Div. 1 · Title 1 · Part 13 · Ch. 38 · Art. 3

Statute text

(a)A member’s retirement benefit under the Defined Benefit Supplement Program shall be an amount equal to the balance of credits in the member’s Defined Benefit Supplement account on the date the retirement benefit becomes payable.

(b)A retirement benefit shall be a lump-sum payment, or an annuity payable in monthly installments, or a combination of both a lump-sum payment and an annuity, as elected by the member on the application for a retirement benefit. Any retirement benefit paid as an annuity under this chapter shall be subject to Section 25011 or 25011.1.

(c)Upon distribution of the entire retirement benefit in a lump-sum payment, no other benefit shall be payable to the member or the member’s beneficiary under the Defined Benefit Supplement Program.

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Legislative history

Amended by Stats. 2007, Ch. 323, Sec. 18. Effective January 1, 2008.