Cal. Gov. Code § 31761
Optional Retirement Allowances
Redline — January 1, 2011 → current.View current text →
Current — January 1, 2023
As of January 1, 2011
Optional settlement 1 consists of the right to elect in writing to have a retirement allowance paid him or her until his or her death and, if he or she dies before he or she receives in annuity payments the amount of his or her accumulated contributions at retirement, to have the balance at death paid to his or her estate or to the person, having an insurable interest in his or her life, as he or she nominates by written designation duly executed and filed with the board.
Optional settlement 1 consists of the right to elect in writing to have a retirement allowance paid to the member until the member’s death and, if the member dies before receiving in annuity payments the amount of the member’s accumulated contributions at retirement, to have the balance at death paid to the member’s estate or to the natural person, having an insurable interest in the member’s life, as the member nominates by written designation duly executed and filed with the board.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.