AB 2404, as introduced, Cooley. Retirement benefits: optional settlements.
Under existing law, members of the Public Employees’ Retirement System may elect from among several optional settlements, including optional settlement 1 that consists of a retirement allowance for life and the balance of accumulated contributions, if any, paid to the member’s beneficiary.
This bill would make nonsubstantive changes to those provisions.
Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no.
The people of the State of California do enact as follows:
Section 21455 of the Government Code is
2amended to read:
Optional settlement 1 consists of the right to have a
4retirement allowance paidbegin delete him or herend deletebegin insert to the memberend insert until his or
5her death and ifbegin delete he or sheend deletebegin insert the memberend insert dies before he or she receives
6in annuity payments the amount of his or her accumulated
P2 1contributions at retirement, to have the balance at death paid to
2his or her beneficiary or estate.
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