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Section 21465 Of Article 6. Optional Settlements From California Government Code >> Division 5. >> Title 2. >> Part 3. >> Chapter 13. >> Article 6.
21465
. (a) Optional settlement 5 consists of a partial distribution
of the actuarial present value of the portion, as specified in this
section, of the member's unmodified monthly allowance, as prescribed
in Section 21362, 21362.2, 21363, 21363.1, 21363.4, or 21423, when a
service retirement allowance is payable. The actuarial present value
shall be based upon the investment return and postretirement
mortality assumptions adopted by the board for that purpose. The
member may elect to receive the actuarial present value of no less
than 20 percent and no more than 50 percent of his or her unmodified
allowance. The member may elect to receive the remaining portion of
the unmodified allowance, not distributed as a lump-sum payment,
under one of the settlements specified in this article for the
remainder of his or her lifetime and thereafter to his or her
designated beneficiary, unless this amount is solely limited to the
survivor continuance portion. The portion of the unmodified allowance
equivalent to the survivor continuance pursuant to Section 21624 may
not be distributed as a lump-sum payment. The benefits provided
under this section may not exceed the benefits that would have
otherwise been provided under any other section in this article.
(b) This section shall only apply to the following members who retire on or after January 1, 1999:
(1) State peace officer/firefighter members in State Bargaining Unit 6.
(2) State peace officer/firefighter members in State Bargaining Unit 8 and state patrol members in State Bargaining Unit 5, if a memorandum of understanding has been agreed upon by the state and the recognized employee organization to become subject to this section.
(3) This section shall also apply to state peace officer/firefighter members and state patrol members in related supervisory and confidential positions, if the Department of Human Resources has approved their inclusion.
(b) This section shall only apply to the following members who retire on or after January 1, 1999:
(1) State peace officer/firefighter members in State Bargaining Unit 6.
(2) State peace officer/firefighter members in State Bargaining Unit 8 and state patrol members in State Bargaining Unit 5, if a memorandum of understanding has been agreed upon by the state and the recognized employee organization to become subject to this section.
(3) This section shall also apply to state peace officer/firefighter members and state patrol members in related supervisory and confidential positions, if the Department of Human Resources has approved their inclusion.
