California Government Code

§ 21462

GOV § 21462 Effective Jan 1, 2025Div. 5 · Title 2 · Part 3 · Ch. 13 · Art. 6

Statute text

(a)(1) Notwithstanding any other provision of this part, a member who elected to receive optional settlement 2, 3, or 4 at retirement, involving a life contingency of the beneficiary, may, if the beneficiary predeceases the member or if the member marries and the former spouse was not named as beneficiary, or, if a former spouse was named, in the event of a dissolution of marriage or a legal separation in which the judgment dividing the community property awards the total interest in the retirement system to the retired member, or in an annulment of marriage in which the court confirms the annulment, elect to have the actuarial equivalent reflecting any selection against the fund resulting from the election as of the date of election of the allowance payable for the remainder of the member’s lifetime under the optional settlement previously chosen applied to a lesser allowance during the member’s remaining lifetime under one of the optional settlements specified in this article and name a different beneficiary.

(2)Notwithstanding paragraph (1), a member who elected to receive optional settlement 2, 3, or 4 at retirement, involving a life contingency of the beneficiary, may, if the member marries and a former spouse was named as beneficiary, in the event of a dissolution of marriage or a legal separation in which the judgment dividing the community property awards only a portion of the interest in the retirement system to the retired member, elect to convert to a multiple life contingency option to add their new spouse and have the actuarial equivalent reflecting any selection against the fund resulting from the election as of the date of election of the allowance payable for the remainder of the member’s lifetime under the optional settlement previously chosen applied to a lesser allowance during the member’s remaining lifetime consisting of the right to have a retirement allowance paid to the member until their death and thereafter to have a monthly allowance paid to their new spouse for life for the remaining interest in the retirement system available to be allocated. Notwithstanding the foregoing, the combined allowance payable to the member’s named beneficiary or beneficiaries and the member’s survivor pursuant to Section 21624, 21629, or 21630, if applicable, shall not exceed the amount of the member’s allowance. The member may elect this option only once. No election shall be made in derogation of the former spouse’s interest in the retirement system. This paragraph shall become operative on January 1, 2026.

(3)Notwithstanding paragraph (1), for an election under this section that occurs on or after January 1, 2014, a member may name the same beneficiary as previously designated, provided that the resulting benefit to the member and the named beneficiary otherwise meets the requirements of this section.

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Legislative history

Amended by Stats. 2024, Ch. 350, Sec. 1. (AB 1246) Effective January 1, 2025.