California § 24347 - A member who retired and elected an option pursuant to this chapter and designate

§ 24347. A member who retired and elected an option pursuant to this chapter and designate

(a) A member who retired and elected an option pursuant to this chapter 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 option elections 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) After receipt of the member’s election, the system shall mail an acknowledgment notice to the member that set forth the new option elected by the member. (e) A member may cancel an option change made pursuant to subdivision (a) and elect to receive his or her benefit according to his or her prior option election provided the requirements of paragraphs (5) and (6) of subdivision (a) are still met. The cancellation shall become effective as of the date of the initial option change pursuant to subdivision (b) subject to the following requirements: (1) The cancellation is made on a properly executed form provided by the system. (2) The form includes the signatures of the member and his or her spouse, if applicable, and the signatures are dated. (3) The form is received at the system’s headquarters office within 30 calendar days after the date of the acknowledgment notice described in subdivision (d), regardless of whether the form is received after December 31, 2015. (f) A member may cancel an initial option change made pursuant to subdivision (a) and elect to make one subsequent change from his or her option election to any other option provided by and subject to the restrictions of subdivision (a). The subsequent change shall become effective as of the date of the initial option change pursuant to subdivision (b) and subject to the following requirements: (1) The cancellation and subsequent change are made on a properly executed form provided by the system. (2) The form includes the signatures of the member and his or her spouse, if applicable, and the signatures are dated. (3) The form is received at the system’s headquarters office within 30 calendar days after the date of the acknowledgment notice described in subdivision (d), regardless of whether the form is received after December 31, 2015. (g) If a member elects to change his or her option as described in subdivision (a) or (f), the retirement allowance of the member shall be modified in a manner determined by the board to prevent any additional liability to the plan. (h) A member shall not change options in derogation of a spouse’s or former spouse’s community property rights as specified in a court order.