California Government Code

§ 22970.89

GOV § 22970.89 Effective Jan 1, 2014Div. 5 · Title 2 · Part 8 · Ch. 12

Statute text

(a)The plan’s obligations to a participant, beneficiary, or nonparticipant spouse who elected a lump-sum distribution cease upon distribution of the lump-sum benefit.

(1)Deposit in the United States mail of a warrant drawn in favor of the participant, beneficiary, or nonparticipant spouse and addressed to the latest address on file for that person constitutes distribution of the benefit.

(2)Deposit in the United States mail of a notice that the requested electronic funds transfer has been made as directed by the participant, beneficiary, or nonparticipant spouse constitutes distribution of the benefit.

…

Legislative history

Amended by Stats. 2013, Ch. 755, Sec. 11. (SB 277) Effective January 1, 2014.