California Education Code

§ 25018

EDC § 25018 Effective Jan 1, 2019Div. 1 · Title 1 · Part 13 · Ch. 38 · Art. 5

Statute text

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

(b)If the member elects to receive the disability 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 disability 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. 22. (SB 1165) Effective January 1, 2019.