California Education Code

§ 26906

EDC § 26906 Effective Jan 1, 2018Div. 1 · Title 1 · Part 14 · Ch. 10

Statute text

(a)Upon application for a disability benefit under this part, the participant may elect to receive the disability 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 disability 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 disability 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. 25. (AB 1325) Effective January 1, 2018.