California Education Code

§ 24300

EDC § 24300 Effective Jan 1, 2017Div. 1 · Title 1 · Part 13 · Ch. 28

Statute text

(a)A member may, upon application for retirement, elect an option pursuant to this part that would provide an actuarially modified retirement allowance payable throughout the life of the member and the member’s option beneficiary or beneficiaries, as follows:

(1)Option 2.The modified retirement allowance shall be paid to the retired member. Upon the retired member’s death, an allowance equal to the modified amount that the retired member was receiving shall be paid to the option beneficiary.

(2)Option 3.The modified retirement allowance shall be paid to the retired member. Upon the retired member’s death, an allowance equal to one-half of the modified amount that the retired member was receiving shall be paid to the option beneficiary.

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Legislative history

Amended by Stats. 2016, Ch. 559, Sec. 6. (AB 1875) Effective January 1, 2017.