California Government Code

§ 21623.6

GOV § 21623.6 Effective Jan 1, 2001Div. 5 · Title 2 · Part 3 · Ch. 14 · Art. 5

Statute text

(a)In lieu of benefits provided by Sections 21620, 21622, and 21623, upon the death of any 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 three thousand dollars ($3,000), four thousand dollars ($4,000), or five thousand dollars ($5,000), whichever amount is designated by the employer in its contract, 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 the system.

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

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Legislative history

Added by Stats. 2000, Ch. 947, Sec. 6. Effective January 1, 2001.