California Government Code

§ 21623

GOV § 21623 Effective Jan 1, 2001Div. 5 · Title 2 · Part 3 · Ch. 14 · Art. 5

Statute text

(a)In lieu of benefits provided by Section 21620 or 21622, upon the death of any retired state or school member, after retirement and while receiving a retirement allowance from this system, there shall be paid to the beneficiary whom he or she shall nominate by written designation duly executed and filed with the board, the sum of two thousand dollars ($2,000), to be provided from contributions by the employer.

(b)For the purposes of this section, all contributions, liabilities, actuarial interest rates, and other valuation factors shall be determined on the basis of actuarial assumptions and methods that, in the aggregate, are reasonable and that, in combination, offer the actuary’s best estimate of anticipated experience under this system.

(c)The additional employer contributions required under this section shall be computed as a level percentage of member compensation.

…

Legislative history

Amended by Stats. 2000, Ch. 1002, Sec. 15.5. Effective January 1, 2001.