Section 24309 Of Chapter 28. Options From California Education Code >> Division 1. >> Title 1. >> Part 13. >> Chapter 28.
24309
. (a) A member may change or cancel the election of an option
made pursuant to Section 24307. The change or cancellation shall be
on a properly executed form provided by the system and received at
the system's headquarters office within 30 days after the date of the
member's signature and, if applicable, the spouse's signature, and
no later than 30 days from the date the member's initial benefit
payment for the member's most recent retirement under the Defined
Benefit Program is paid by the system. The change or cancellation
shall become effective as of the date of the member's signature or
the day prior to the member's benefit effective date, whichever is
earlier.
(1) Any change to an election of an option shall be made according
to Section 24307 and shall be considered a new preretirement
election of an option.
(2) Regardless of how the member elects to receive his or her
retirement allowance, a change made to an election of an option or a
cancellation of an option shall result in the reduction of that
allowance by an amount determined by the board to be the actuarial
equivalent of the coverage the member received as a result of the
preretirement election and that does not result in any adverse
funding to the plan.
(b) If the option beneficiary designated in the preretirement
election of an option pursuant to Section 24307 dies prior to the
member's retirement, the preretirement election shall be canceled as
of the day following the date of death and the member's subsequent
retirement allowance under this part shall be subject to the
allowance reduction prescribed in this section.
(c) If the option elected pursuant to Section 24307 is "Option 8"
as described in paragraph (7) of subdivision (a) of Section 24300 or
the compound option as described in paragraph (4) of subdivision (a)
of Section 24300.1, a member may cancel the designation of an option
beneficiary. If the member cancels the designation of the option
beneficiary or the option beneficiary predeceases the member prior to
the member's retirement, the member may elect to receive that
portion of the retirement allowance without modification for the
option or elect one or multiple new or existing option beneficiaries
as described in Section 24307. Any change or cancellation of the
designation of the option beneficiary under this subdivision shall
result in the allowance reduction prescribed in this section.