(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 memberâs allowance be paid to a named beneficiary or beneficiaries for life. (3) Court Ordered Community Property. Upon receipt of documentation by the board and solely for purposes of dividing community property in connection with the legal separation or dissolution of marriage, a court may order the member to select this option to provide the nonmember spouse with a lifetime monthly allowance equal to the nonmember spouseâs system interest as defined in the court order. This order shall comply with Section 2610 of the Family Code. (A) Any portion of the memberâs unmodified benefit that is not awarded to the nonmember spouse shall be the memberâs separate benefit. (B) The actuarial reduction necessary to provide a lifetime benefit to the nonmember spouse shall be based on the joint lives of both the member and the nonmember spouse as determined by the board. Unless the court order provides otherwise, the actuarial reduction will be applied to the nonmember spouseâs system interest. (C) A member who selects this option shall have the right to receive his or her separate interest for his or her life alone or may designate another beneficiary or beneficiaries to receive a benefit after the memberâs death as set forth in Section 21471 or 21474, or this section. (D) This section is not intended to limit the partiesâ rights to obtain a court order providing for any other division of the community property interest acceptable to the board in accordance with Section 2610 of the Family Code or for the selection of a different optional settlement. (b) This section shall apply to any member who retires on or after January 1, 2018.
‹ Prev All California sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.