(a) “Annuity,” with respect to the Defined Benefit Program, means payments for life derived from the “accumulated annuity deposit contributions” of a member.
(b) “Annuity,” with respect to the Defined Benefit Supplement Program, means an alternative payment arrangement wherein a benefit based on the balance of credits in a member’s Defined Benefit Supplement account is paid monthly rather than in a lump-sum.
(Amended by Stats. 2000, Ch. 74, Sec. 6. Effective January 1, 2001.)
Last modified: October 25, 2018