(a) A member may elect to receive the disability benefit as an annuity, payable in monthly installments, provided the balance of credits in the memberâs Defined Benefit Supplement account on the date the disability benefit becomes payable equals at least three thousand five hundred dollars ($3,500) after any lump-sum payment has been made from this account. (b) If the member elects to receive the disability benefit as an annuity, the member 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 member if the member elected to receive the disability benefit in a lump-sum payment. Upon the death of the member, no other benefit shall be payable to the memberâs beneficiary under the Defined Benefit Supplement Program. (2) A single life annuity with a cash refund feature. This form of payment is the actuarial equivalent of the amount that would be payable to the member if the member elected to receive the disability benefit in a lump-sum payment. Upon the death of the member, an amount equal to the remaining balance of credits, if any, transferred from the memberâs Defined Benefit Supplement account to the Annuitant Reserve shall be returned in a lump-sum payment to the memberâs beneficiary. (3) For a member receiving an allowance pursuant to Chapter 26 (commencing with Section 24100), a 100-percent joint and survivor annuity with a âpop-upâ feature. This form of payment is the actuarial equivalent of the lump-sum payment modified to be payable over the combined lives of the member and the memberâs annuity beneficiary. Upon the death of the member, the same monthly amount that was payable to the member shall be paid monthly to the memberâs surviving annuity beneficiary. However, if the annuity beneficiary predeceases the member, the annuity payable to the member shall be the single life annuity with a cash refund feature that would have been payable had the member elected that form of payment at the commencement of the benefit. That single life annuity shall be payable as of the day following the date of the annuity beneficiaryâs death upon receipt by the system of proof of the annuity beneficiaryâs death. If the annuity beneficiary predeceases the member and the member designates a new option beneficiary pursuant to Section 24323, the new option beneficiary shall be the new annuity beneficiary. The effective date shall be six months following the date notification, on a properly executed form, is received by the board, provided both the member and the new annuity beneficiary are then living. The new annuity beneficiary under this paragraph shall be subject to an actuarial modification of the single life annuity with a cash refund feature and shall not result in any additional liability to the fund. The new annuity beneficiary shall not be an existing annuity beneficiary. (4) For a member receiving an allowance pursuant to Chapter 26 (commencing with Section 24100), a 50-percent joint and survivor annuity with a âpop-upâ feature. This form of payment is the actuarial equivalent of the lump-sum payment modified to be payable over the combined lives of the member and the memberâs annuity beneficiary. Upon the death of the member, one-half of the monthly amount that was payable to the member shall be paid monthly to the memberâs surviving annuity beneficiary. However, if the annuity beneficiary predeceases the member, the annuity payable to the member shall be the single life annuity with a cash refund feature that would have been payable had the member elected that form of payment at the commencement of the benefit. That single life annuity shall be payable as of the day following the date of the annuity beneficiaryâs death upon receipt by the system of proof of the annuity beneficiaryâs death. If the annuity beneficiary predeceases the member and the member d
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