(a) Notwithstanding Section 21472, the election of an optional settlement in Section 21475, 21475.5, 21476, 21476.5, or 21477 in which a spouse is designated as the beneficiary, may be modified as provided in this section in the event of a dissolution of marriage or a legal separation in which the division of the community property awards the total interest in the retirement system to the retired member, or in an annulment of marriage in which a court confirms the annulment. The modification shall provide that payment shall be continued during the retired member’s lifetime in accordance with the optional settlement then in effect but that no monthly allowance shall be paid following the retired member’s death, and in lieu thereof there shall be paid in a lump sum to the member’s estate or a beneficiary designated by him or her the amount, if any, by which the member’s accumulated contributions at retirement exceed the total payments made to the retired member to the date of his or her death.
(b) This section shall apply to any member who retires on or after January 1, 2018.
(Amended by Stats. 2017, Ch. 241, Sec. 15. (SB 525) Effective January 1, 2018.)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.