California Government Code

§ 21477

GOV § 21477 Effective Jan 1, 2018Div. 5 · Title 2 · Part 3 · Ch. 13 · Art. 7

Statute text

(a)The Flexible Beneficiary Option 4 consists of the right to have a retirement allowance paid to a member until his or her death, and thereafter to have a monthly allowance paid to his or her named beneficiary or beneficiaries for life. Subject to Section 21471.2, the member may select the monthly allowance payable to the named beneficiary or beneficiaries from the options below:

(1)Specific Dollar Amount to a Beneficiary or Beneficiaries. The member may specify that upon his or her death after retirement, a monthly allowance in an amount determined by the member be paid to a named beneficiary or beneficiaries for life.

(2)Specific Percentage to a Beneficiary or Beneficiaries. The member may specify that upon his or her death after retirement, a monthly allowance in an amount equivalent to a specified percentage of the member’s allowance be paid to a named beneficiary or beneficiaries for life.

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Legislative history

Amended by Stats. 2017, Ch. 241, Sec. 18. (SB 525) Effective January 1, 2018.