(a) A member who has a preretirement option pursuant to Section 24307 in effect on July 1, 2015, and designated his or her same-sex spouse or same-sex former spouse as option beneficiary may elect to change his or her option subject to the following:
(1) A member who elected the 100 percent beneficiary option or the 50 percent beneficiary option may elect to change his or her option to the 75 percent beneficiary option described in paragraph (2) of subdivision (a) of Section 24300.1 provided the member’s same-sex spouse or same-sex former spouse is more than exactly 19 years younger than the member.
(2) (A) A member who elected the compound option may elect to change the option designated for his or her same-sex spouse or same-sex former spouse within the compound option to the 100 percent beneficiary option described in paragraph (1) of subdivision (a) of Section 24300.1 provided the member’s same-sex spouse or same-sex former spouse is more than exactly 10 years younger than the member, or the 75 percent beneficiary option described in paragraph (2) of subdivision (a) of Section 24300.1 provided the member’s same-sex spouse or same-sex former spouse is more than exactly 19 years younger than the member.
(B) If a member elects to change the option designated for his or her same-sex spouse or same-sex former spouse within the compound option, the member may also elect to change the option designated to any other option beneficiary or beneficiaries within the compound option to the 100 percent beneficiary option, the 75 percent beneficiary option, or the 50 percent beneficiary option described in paragraph (1), (2), or (3) of subdivision (a) of Section 24300.1.
(C) If a member elects to change the option designated for his or her same-sex spouse or same-sex former spouse within the compound option, the member may also elect to change the percentage of his or her unmodified allowance designated to the option beneficiary or beneficiaries. The percent of the allowance that is not modified by an option, if any, shall be payable to the member. The sum of all percentages specified for the option beneficiary or beneficiaries and the member’s remaining unmodified allowance, if any, shall equal 100 percent.
(D) Any change made pursuant to this paragraph shall be subject to the requirements and restrictions of the compound option described in paragraph (4) of subdivision (a) of Section 24300.1 and shall not be construed to allow a member to cancel his or her compound option.
(3) The option change made by the member pursuant to this section is made on or after July 1, 2015, and on or before December 31, 2015.
(4) The member married a same-sex spouse, the marriage is or was recognized by the United States government, any state government, or any foreign government, and his or her same-sex spouse or same-sex former spouse was designated as his or her option beneficiary prior to July 1, 2015.
(5) The same-sex spouse or same-sex former spouse is a current option beneficiary, and the member designates the same option beneficiary or beneficiaries that were designated for the prior option elected by the member.
(6) The option beneficiary or beneficiaries have not predeceased the member as of the effective date of the option change made by the member pursuant to this section.
(b) The option change made by a member pursuant to subdivision (a) shall be deemed effective as of the effective date of the prior election or June 26, 2013, whichever is later.
(c) The option change made by the member pursuant to subdivision (a) shall be on a properly executed form provided by the system subject to the following requirements:
(1) The form is signed and dated by the member and the member’s spouse, if applicable, on or after July 1, 2015, and on or before December 31, 2015.
(2) The date the form is received at the system’s headquarters office is within 30 calendar days after the date of the member’s signature and within 30 calendar days after the date of the spouse’s signature, if applicable.
(d) A preretirement option change made pursuant to this section will not result in the allowance reduction described in Sections 24309 and 24310.
(e) If a member elects to change options pursuant to this section, the age of the member and the option beneficiary or beneficiaries on the effective date of the prior preretirement option election shall be the age used to calculate the member’s benefit at the time of retirement.
(Added by Stats. 2014, Ch. 755, Sec. 65. (SB 1220) Effective January 1, 2015.)
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