California Education Code

§ 26807

EDC § 26807 Effective Jan 1, 2018Div. 1 · Title 1 · Part 14 · Ch. 9

Statute text

(a)Upon application for a retirement benefit under this part, the participant may elect to receive the retirement benefit in the form of an annuity, provided the sum of the employee account and employer account equals or exceeds three thousand five hundred dollars ($3,500).

(b)If the participant elects to receive the retirement benefit as an annuity, the participant 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 participant if the participant elected to receive the retirement benefit in a lump-sum payment. This benefit shall be payable for the life of the participant. Upon the death of the participant, no other benefit shall be payable to any beneficiary under this part.

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Legislative history

Amended by Stats. 2017, Ch. 298, Sec. 23. (AB 1325) Effective January 1, 2018.