Section 25021 - Election to receive final payment as annuity(a) A beneficiary, other than an entity, may elect to receive the final benefit payable under the Defined Benefit Supplement Program as an annuity payable in monthly installments provided the balance of credits in the member's Defined Benefit Supplement account that is payable to that beneficiary equals at least three thousand five hundred dollars ($3,500). (b) A beneficiary who elects to receive an annuity under this section shall elect a period certain annuity. This form of payment is an annuity equal to the actuarial equivalent of the balance of credits in the member's Defined Benefit Supplement account on the date of the member's death. The annuity shall be payable in whole year increments over a period of years specified by the beneficiary, from a minimum of three years to a maximum of 10 years, but not to exceed the life expectancy of the beneficiary. The beneficiary may designate a payee to receive the remaining balance of payments if the beneficiary's death occurs prior to the end of the period certain. (c) A beneficiary may designate a payee who would, upon the death of the beneficiary, be entitled to receive the beneficiary's accrued annuity allowance.Amended by Stats 2006 ch 655 (SB 1466),s 60, eff. 1/1/2007.Amended by Stats 2002 ch 375 (AB 2982),s 31, eff. 1/1/2003.Amended by Stats 2001 ch 803 (SB 501), s 30, eff. 1/1/2002.Added by Stats 2000 ch 74 (AB 1509), s 69, eff. 1/1/2001.Amended by Stats 2000 ch 1021 (AB 2700), s 62, eff. 1/1/2001.