2005 California Education Code Sections 25012-25015 Article 4. Annuities

EDUCATION CODE
SECTION 25012-25015

25012.  (a) An annuity payable under the Defined Benefit Supplement
Program shall be determined as a value actuarially equivalent to the
balance of credits in the member's Defined Benefit Supplement account
on the date the benefit becomes payable and after any lump-sum
payment.  If a single life annuity is elected, the annuity shall be
calculated using the age of the member on the date the benefit
becomes payable.  A member may elect a single life annuity only if
the member did not elect to receive a modified allowance pursuant to
Section 24300.  If a joint and survivor annuity is elected, the
annuity shall be calculated using the age of the member and the age
of the member's beneficiary on the date the benefit becomes payable.
A member may elect a joint and survivor annuity only if the member
elected to receive a modified allowance pursuant to Section 24300.
   (b) The beneficiary designation made pursuant to Section 24307 is
not applicable to benefits payable under this chapter.
25013.  Upon election by the member to receive a benefit payable
under the Defined Benefit Supplement Program in the form of an
annuity, the balance of credits in the member's Defined Benefit
Supplement account shall be transferred to the Annuitant Reserve.
25014.  (a) If a member reinstates from service retirement under
this part, payment of a retirement annuity based on the balance of
credits that was transferred from the member's Defined Benefit
Supplement account to the Annuitant Reserve shall terminate.  The
member's Defined Benefit Supplement account shall be credited with
the actuarial equivalent of the member's annuity as of the date the
annuity is terminated and the Annuitant Reserve shall be reduced by
the amount credited to the member's account.
   (b) If the member subsequently retires again, an annuity or
lump-sum payment based on the remaining balance of credits in the
member's Defined Benefit Supplement account at the time of the
subsequent retirement shall become payable pursuant to Section
24202.5 and the balance of credits in the member's Defined Benefit
Supplement account shall be transferred to the Annuitant Reserve or
paid to the member in the form of a lump-sum payment.
25015.  (a) If a member elects to receive a benefit payable under
the Defined Benefit Supplement Program as a joint and survivor
annuity, the designation of the beneficiary made pursuant to Section
24300 or 24301 shall apply to the benefit payable under this chapter.
  The annuity beneficiary designation shall not be changed after the
date the benefit becomes payable to the member, except as provided in
Chapter 12 (commencing with Section 22650).
   (b) If the member designates multiple annuity beneficiaries in the
designation of beneficiary made pursuant to Section 24300 or 24301,
the percentage of the annuity payable to each annuity beneficiary
upon the death of the member specified in that designation shall
apply to the benefit payable under this chapter.  The annuity amount
payable to the member during his or her lifetime shall be modified to
be payable over the combined lives of the member and the annuity
beneficiary or beneficiaries.
   (c) If the member predeceases an annuity beneficiary, the annuity
beneficiary may designate a payee to receive an amount that may be
payable in a lump-sum pursuant to Section 25023 upon the death of the
annuity beneficiary.


Disclaimer: These codes may not be the most recent version. California may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.