This section shall apply to any judge who retires on or after January 1, 2018.

(a) The unmodified allowance consists of the right to have the maximum retirement allowance paid to the judge for his or her life alone. There is no continuing allowance to a beneficiary and there is no return of unused accumulated contributions after the death of the judge.

(b) The Return of Remaining Contributions Option 1 consists of the right to have a retirement allowance paid to the judge until his or her death and, if he or she dies before he or she receives in annuity payments the amount of his or her accumulated contributions at retirement, to have the balance at death paid to his or her designated beneficiary or estate.

(c) (1) The 100 Percent Beneficiary Option 2 consists of the right to have a retirement allowance paid to the judge until his or her death, and thereafter to have the same monthly allowance paid to his or her designated beneficiary for life; provided that with respect to a judge subject to Section 75077 or 75096.3 at retirement, the beneficiary shall receive a monthly allowance equal to that portion of the judge’s monthly allowance that exceeds the amount of the allowance deemed payable to the judge’s survivor.

(2) Upon the death of both the judge and the designated beneficiary, any remaining balance of the judge’s accumulated contributions at retirement not used to fund the allowances paid to the judge and the designated beneficiary will be paid in a lump sum to the secondary beneficiary or beneficiaries designated by the judge.

(d) (1) The 100 Percent Beneficiary Option 2 with Benefit Allowance Increase consists of the right to have a retirement allowance paid to the judge until his or her death and thereafter to have the same monthly allowance paid to his or her designated beneficiary for life; provided that with respect to a judge subject to Section 75077 or 75096.3 at retirement, the beneficiary shall receive a monthly allowance equal to that portion of the judge’s monthly allowance that exceeds the amount of the allowance deemed payable to the judge’s survivor.

(2) If the judge’s designated beneficiary predeceases the judge and the judge elected this optional settlement, the judge’s allowance shall be adjusted effective the first day of the month following the death of the beneficiary to reflect the benefit that would have been paid had the judge not elected an optional settlement.

(3) If the designated beneficiary is a spouse and the marriage is dissolved or a legal separation filed, and the judgment dividing the community property between the judge and the beneficiary awards the total interest in this system to the retired judge, or the marriage is annulled and confirmed by a court, the retired judge’s allowance shall be adjusted effective the first day of the month following the filing of the judgment with the board to reflect the benefit that would have been paid had the judge not elected an optional settlement.

(e) (1) The 50 Percent Beneficiary Option 3 consists of the right to have a retirement allowance paid to the judge until his or her death, and thereafter to have one-half of the monthly allowance paid to his or her designated beneficiary for life, provided that, with respect to a judge subject to Section 75077 or 75096.3 at retirement, the beneficiary shall receive a monthly allowance equal to one-half of that portion of the judge’s allowance that exceeds the amount of the allowance deemed payable to the judge’s survivor.

(2) Upon the death of both the judge and the designated beneficiary, any remaining balance of the judge’s accumulated contributions at retirement not used to fund the allowances paid to the judge and the designated beneficiary will be paid in a lump sum to the secondary beneficiary or beneficiaries designated by the judge.

(f) (1) The 50 Percent Beneficiary Option 3 with Benefit Allowance Increase consists of the right to have a retirement allowance paid to the judge until his or her death and thereafter to have one-half of the monthly allowance paid to his or her designated beneficiary for life; provided that with respect to a judge subject to Section 75077 or 75096.3 at retirement, the beneficiary shall receive a monthly allowance equal to one-half of that portion of the judge’s monthly allowance that exceeds the amount of the allowance deemed payable to the judge’s survivor.

(2) If the judge’s designated beneficiary predeceases the judge and the judge elected this optional settlement, the judge’s allowance shall be adjusted effective the first day of the month following the death of the beneficiary to reflect the benefit that would have been paid had the judge not elected an optional settlement.

(3) If the designated beneficiary is a spouse and the marriage is dissolved or a legal separation filed, and the judgment dividing the community property between the judge and the beneficiary awards the total interest in this system to the retired judge, or the marriage is annulled and confirmed by a court, the retired judge’s allowance shall be adjusted effective the first day of the month following the filing of the judgment with the board to reflect the benefit that would have been paid had the judge not elected an optional settlement.

(g) The Flexible Beneficiary Option 4 consists of the right to have a retirement allowance paid to a judge until his or her death, and thereafter to have a monthly allowance paid to his or her designated beneficiary or beneficiaries for life. Subject to Section 75070.5, the judge may select the monthly allowance payable to the designated beneficiary or beneficiaries from the options below:

(1) Specific Dollar Amount to a Beneficiary or Beneficiaries. The judge may specify that upon his or her death after retirement, a monthly allowance in an amount determined by the judge be paid to a designated beneficiary or beneficiaries for life.

(2) Specific Percentage to a Beneficiary or Beneficiaries. The judge may specify that upon his or her death after retirement, a monthly allowance in an amount equivalent to a specified percentage of the judge’s allowance be paid to a designated beneficiary or beneficiaries for life.

(Amended by Stats. 2017, Ch. 241, Sec. 21. (SB 525) Effective January 1, 2018.)