Bill Text: CA AB2404 | 2015-2016 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Public Employees' Retirement System: optional settlements.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2016-08-26 - Chaptered by Secretary of State - Chapter 199, Statutes of 2016. [AB2404 Detail]

Download: California-2015-AB2404-Introduced.html

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BILL NUMBER: AB 2404	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Cooley

                        FEBRUARY 19, 2016

   An act to amend Section 21455 of the Government Code, relating to
retirement benefits.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 2404, as introduced, Cooley. Retirement benefits: optional
settlements.
   Under existing law, members of the Public Employees' Retirement
System may elect from among several optional settlements, including
optional settlement 1 that consists of a retirement allowance for
life and the balance of accumulated contributions, if any, paid to
the member's beneficiary.
   This bill would make nonsubstantive changes to those provisions.
   Vote: majority. Appropriation: no. Fiscal committee: no.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 21455 of the Government Code is amended to
read:
   21455.  Optional settlement 1 consists of the right to have a
retirement allowance paid  him or her   to the
member  until his or her death and if  he or she
  the member  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
beneficiary or estate.