(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 Program account on the member’s retirement date 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 member’s retirement date. A member may elect a single life annuity only if the member did not elect to receive a modified allowance pursuant to Section 24300 or 24300.1. 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 member’s retirement date. A member may elect a joint and survivor annuity only if the member elected to receive a modified allowance pursuant to Section 24300 or 24300.1.
(b) The beneficiary designation made pursuant to Section 24307 is not applicable to benefits payable under this chapter.
(Amended by Stats. 2011, Ch. 703, Sec. 31. (SB 349) Effective January 1, 2012.)
Last modified: October 25, 2018