SECTIONS 25012-25015 - California Statutes

EDUCATION CODE

SECTION 25012-25015

25012. (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 account
on the date the benefit becomes payable 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 date the benefit
becomes payable. 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 date the benefit becomes
payable. 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.

25013. Upon election by the member to receive a benefit payable
under the Defined Benefit Supplement Program in the form of an
annuity, the balance of credits in the member's Defined Benefit
Supplement account shall be transferred to the Annuitant Reserve.

25014. (a) If a member reinstates from service retirement under
this part, payment of a retirement annuity based on the balance of
credits that was transferred from the member's Defined Benefit
Supplement account to the Annuitant Reserve shall terminate. The
member's Defined Benefit Supplement account shall be credited with
the actuarial equivalent of the member's annuity as of the date the
annuity is terminated and the Annuitant Reserve shall be reduced by
the amount credited to the member's account.
(b) If the member subsequently retires again, an annuity or
lump-sum payment based on the remaining balance of credits in the
member's Defined Benefit Supplement account at the time of the
subsequent retirement shall become payable pursuant to Section
24202.5 and the balance of credits in the member's Defined Benefit
Supplement account shall be transferred to the Annuitant Reserve or
paid to the member in the form of a lump-sum payment.

25015. (a) If a member elects to receive a benefit payable under
the Defined Benefit Supplement Program as a joint and survivor
annuity, the designation of the beneficiary made pursuant to Section
24300 or 24300.1 shall apply to the benefit payable under this
chapter. The annuity beneficiary designation shall not be changed
after the date the benefit becomes payable to the member, except as
provided in Section 24305.3, 25011, 25011.1, 25018, or 25018.1, or
Chapter 12 (commencing with Section 22650).
(b) If the member designates one or multiple option beneficiaries
within Option 8 pursuant to Section 24300 or 24300.1, the percentage
of the unmodified allowance attributable to each option beneficiary
specified in that designation shall apply to the joint and survivor
annuity payable under this chapter. The member shall elect one joint
and survivor annuity type and this annuity type shall be applied the
same for each beneficiary and each designated percentage of the
member only annuity. If any percentage of the allowance was
designated to remain unmodified, the member only annuity shall apply
for the corresponding percentage of the annuity provided under this
chapter. The annuity amount payable to the member during his or her
lifetime shall be modified to be payable over the combined lives of
the member and the annuity beneficiary or beneficiaries.
(c) If the member predeceases an annuity beneficiary, the annuity
beneficiary may designate, on a properly executed form provided by
the system, a payee to receive an amount that may be payable in a
lump sum pursuant to Section 25023 upon the death of the annuity
beneficiary.