California Government Code

§ 31776.4

GOV § 31776.4 Effective Jan 1, 2004Div. 4 · Title 3 · Part 3 · Ch. 3 · Art. 11.5

Statute text

(a)A participant may designate a person or persons as beneficiaries of the balance in the participant’s program account at any time during the program period. Any beneficiary or beneficiaries shall be designated on a form prescribed by the board, signed by the participant, and filed with the board.

(b)The participant’s beneficiary designation may not be given effect and shall be overridden to the extent that designation would impair the rights of any surviving spouse or surviving minors under applicable federal or state law.

(c)Unless otherwise provided in the beneficiary designation form, each designated beneficiary shall be entitled to equal shares of the lump-sum distribution that shall be payable from the participant’s program account upon the death of the participant.

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Legislative history

Added by Stats. 2003, Ch. 897, Sec. 1. Effective January 1, 2004.