2005 California Education Code Sections 26800-26811 CHAPTER 9. RETIREMENT BENEFIT

26800.  The normal retirement age for the Cash Balance Benefit
Program is 60 years of age.
26801.  A participant's retirement date shall be no earlier than the
date on which the participant attains the age of 55 years.
26802.  Distribution of the retirement benefit under this part shall
commence no later than the required beginning date specified in
subdivision (c) of Section 26004.
26803.  (a) All creditable service subject to coverage by the  Cash
Balance Benefit Program and all service with the participant's last
employer or employers that is creditable under the Defined Benefit
Program shall be terminated prior to the retirement date.
   (b) All employers with which the participant is employed to
perform creditable service subject to coverage by the plan shall
certify on a form prescribed by the system that the participant's
employment has been terminated.
26804.  Application for a retirement benefit under this part shall
be made on a form prescribed by the system.
26805.  The retirement benefit under this part is a benefit payable
in the event of retirement that is an amount equal to the sum of the
employee account and the employer account as of the retirement date.
26806.  The normal form of retirement benefit under this part is a
lump-sum payment.  Upon distribution of the lump-sum payment to the
participant, no further benefits shall be payable from the plan with
respect to the Cash Balance Benefit Program.
26807.  (a) Upon application for a retirement benefit under this
part, the participant may elect to receive the retirement benefit in
the form of an annuity, provided the sum of the employee account and
employer account equals or exceeds three thousand five hundred
dollars ($3,500).
   (b) If the participant elects to receive the retirement benefit as
an annuity, the participant shall elect one of the following forms
of payment:
   (1) A single life annuity without a cash refund feature.  This
form of payment is the actuarial equivalent of the amount that would
be payable to the participant if the participant elected to receive
the retirement benefit in a lump-sum payment.  This benefit shall be
payable for the life of the participant.  Upon the death of the
participant, no other benefit shall be payable to any beneficiary
under this part.
   (2) A single life annuity with a cash refund feature.  This form
of  payment is the actuarial equivalent of the amount that would be
payable to the participant if the participant elected to receive the
retirement benefit in a lump-sum payment.  This benefit shall be
payable for the life of the participant  and any balance remaining
upon the death of the participant shall be payable in a lump sum to
the participant's beneficiary.
   (3) A 100-percent joint and survivor annuity with a "pop-up"
feature.  This form of payment is the actuarial equivalent of the
amount that would be payable to the participant if the participant
elected to receive the retirement benefit in a lump-sum payment,
modified to be payable over the combined lives of the participant and
the participant's annuity beneficiary.  Upon the death of the
participant, the monthly amount that was payable to the participant
shall be paid monthly to the participant's annuity beneficiary.
However, if the annuity beneficiary predeceases the participant, the
annuity payable to the participant shall be the single life annuity
with a cash refund feature that would have been payable had the
participant selected that form of payment at the commencement of the
benefit.  That single life annuity shall be payable as of the day
following the date of the annuity beneficiary's death upon receipt by
the system of proof of the annuity beneficiary's death.  If the
annuity beneficiary predeceases the participant, the participant may
designate a new annuity beneficiary.  The effective date of the new
designation shall be six months following the date notification, on a
properly executed form, is received by the board, provided both the
participant and the new designated annuity beneficiary are then
living.  The selection of the new annuity beneficiary under this
paragraph shall be subject to an actuarial modification of the single
life annuity with a cash refund feature.  A participant may not
designate a new annuity beneficiary if that designation would result
in any additional liability to the fund.
   (4) A 50-percent joint and survivor annuity with a "pop-up"
feature. This form of payment is the actuarial equivalent of the
amount that would be payable to the participant if the participant
elected to receive the retirement benefit in a lump-sum payment,
modified to be payable over the combined lives of the participant and
the participant's annuity beneficiary.  Upon the death of the
participant, one-half of the monthly amount that was payable to the
participant shall be paid monthly to the participant's annuity
beneficiary.  However, if the annuity beneficiary predeceases the
participant, the annuity payable to the participant shall be the
single life annuity with a cash refund feature that would have been
payable had the participant selected that form of payment at the
commencement of the benefit.  That single life annuity shall be
payable as of the day following the date of the annuity beneficiary's
death upon receipt by the system of proof of the annuity beneficiary'
s death.  If the annuity beneficiary predeceases the participant, the
participant may designate a new annuity beneficiary.  The effective
date of the new designation shall be six months following the date
notification, on a properly executed form, is received by the board,
provided both the participant and the new designated annuity
beneficiary are then living.  The selection of the new annuity
beneficiary under this paragraph shall be subject to an actuarial
modification of the single life annuity with a cash refund feature.
A participant may not designate a new annuity beneficiary if that
designation would result in any additional liability to the fund.
   (5) A period certain annuity.  This form of payment is an annuity
equal to the actuarial equivalent of the sum of the balance of the
employee account and the employer account on the date the retirement
benefit becomes payable.  The annuity shall be payable in whole year
increments over a period of years specified by the participant, from
a minimum of three years to a maximum of 10 years.  However, the
annuity period may not exceed the life expectancy of the participant
or of the participant and the participant's annuity beneficiary.  If
the participant's death occurs prior to the end of the period
certain, the remaining balance of payments shall be paid to the
participant's annuity beneficiary pursuant to Section 27007.
26808.  (a) The annuity elected under this chapter shall be
determined as a value actuarially equivalent to the sum of the
employee account and the employer account as of the retirement date.
The annuity shall be calculated using the age of the participant
and, if the participant elected a joint and survivor option, the age
of the beneficiary on the retirement date.
   (b) In the case of a participant who previously received an
annuity that was terminated pursuant to Section 26505 or 26810, the
portion of the annuity derived from the amounts credited to the
employee account and employer account as of the date of reemployment
shall be calculated using the actuarial assumptions in effect on the
previous retirement date using the age of the participant and, if the
participant elected a joint and survivor option, the age of the
beneficiary on the current retirement date.
26809.  Upon election of an annuity under this part, the credits in
the participant's employee account and employer account shall be
transferred to the Annuitant Reserve.
26810.  (a) A participant who is employed to perform creditable
service subject to coverage by the Cash Balance Benefit Program while
receiving an annuity under the program may voluntarily terminate the
annuity upon employment and make contributions to the program based
on salary paid by the employer for the employment, provided the
participant has attained age 60 and has been receiving a retirement
annuity for at least one year.  The participant shall continue to be
subject to Section 26808.
   (b) The participant shall request in writing within 60 days of
employment that the annuity be terminated.  Termination of the
participant's annuity shall become effective on the first day of the
month following the month in which verification of the participant's
employment is received by the system from the participant's employer.
   (c) Upon voluntary termination of the annuity, the employee and
employer account of the participant shall be credited with respective
balances that reflect the actuarial equivalent of the participant's
retirement benefit as of the date the participant terminates the
annuity and the Annuitant Reserve shall be reduced by the amount of
the credits.
   (d) The portion of the annuity derived from the amounts credited
to the employee account and employer account, as of the date the
participant terminates the annuity, shall be calculated using the
actuarial assumptions in effect on the initial retirement date using
the age of the participant and, if the participant elected a joint
and survivor option the age of the beneficiary on the current
retirement date.
   (e) Upon election of a subsequent annuity, the credits in the
participant's employee account and employer account shall be
transferred to the Annuitant Reserve.
26811.  The beneficiary under the joint and survivor option elected
pursuant to paragraph (3) or (4) of subdivision (b) of Section 26807
shall be the person designated by the participant on the application
for a retirement benefit under this part, and shall not be changed
after the original retirement date unless the beneficiary has
predeceased the participant.