California Education Code

§ 25011

EDC § 25011 Effective Jan 1, 2019Div. 1 · Title 1 · Part 13 · Ch. 38 · Art. 3

Statute text

(a)A member or nonmember spouse may elect to receive the retirement benefit as an annuity payable in monthly installments, provided the balance of credits in the member’s or nonmember spouse’s respective Defined Benefit Supplement account on the date the retirement benefit becomes payable equals at least three thousand five hundred dollars ($3,500) after any lump-sum payments have been made from the account.

(b)If the member elects to receive the retirement benefit as an annuity, the member shall elect one of the following forms of payment:

(1)A single life annuity without a cash refund feature. This form of payment is the actuarial equivalent of the amount that would be payable to the member if the member elected to receive the retirement benefit in a lump-sum payment. Upon the death of the member, no other benefit shall be payable to the member’s beneficiary under the Defined Benefit Supplement Program.

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Legislative history

Amended by Stats. 2018, Ch. 416, Sec. 18. (SB 1165) Effective January 1, 2019.