California Government Code

§ 21480

GOV § 21480 Effective Jan 1, 2017Div. 5 · Title 2 · Part 3 · Ch. 13 · Art. 7

Statute text

(a)Notwithstanding Section 21479, a member retiring for service who became a member of the system on or after January 1, 2002, and who is covered under the federal system but is not yet receiving a retirement or disability benefit under that system, 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 that shall not exceed the primary social security benefit that is anticipated the member shall be entitled to receive at social security retirement age, which age shall be designated by the member.

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

…

Legislative history

Added by Stats. 2016, Ch. 199, Sec. 22. (AB 2404) Effective January 1, 2017.