California Government Code

§ 21461

GOV § 21461 Effective Jan 1, 2017Div. 5 · Title 2 · Part 3 · Ch. 13 · Art. 6

Statute text

(a)A member retiring for service may elect to have the actuarial equivalent of his or her unmodified service retirement allowance paid in two parts as follows:

(1)A temporary annuity in an amount specified by the member but which shall not result in a reduction to his or her unmodified allowance by more than 50 percent.

(2)A life income consisting of his or her service retirement annuity plus the pension provided by the actuarial value of his or her current and prior service pensions remaining after providing the temporary annuity in paragraph (1).

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Legislative history

Amended by Stats. 2016, Ch. 199, Sec. 16. (AB 2404) Effective January 1, 2017.