Section 75571 - Optional settlement one; optional settlement two; optional settlement three; optional settlement four This section shall apply to any judge who retires on or before December 31, 2017.
(a) Optional settlement 1 consists of the right to have a retirement allowance paid to the judge until their death and if the judge dies before the judge receives the amount of the judge's accumulated contributions at retirement, to have the balance at death paid to the judge's surviving spouse, or if none, to the judge's designated beneficiary, or if none, to the judge's estate.(b)(1) Optional settlement 2 consists of the right to have a retirement allowance paid to the judge until the judge's death and thereafter to the judge's surviving spouse for life.(2) If the judge's spouse predeceases the judge and the judge elected this optional settlement to be effective on or after January 1, 2002, the judge's allowance shall be adjusted effective the first day of the month following the death of the spouse to reflect the benefit that would have been paid had the judge not elected an optional settlement.(3) If the marriage of a retired judge is dissolved or a legal separation is filed, and the judgment dividing the community property between the judge and the surviving spouse awards the total interest in this system to the retired judge, or the marriage is annulled and confirmed by a court, and the retired judge elected this optional settlement to be effective on or after January 1, 2002, 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.(c)(1) Optional settlement 3 consists of the right to have a retirement allowance paid to the judge until the judge's death, and thereafter to have one-half of the judge's retirement allowance paid to the judge's surviving spouse for life.(2) If the judge's spouse predeceases the judge and the judge elected this optional settlement to be effective on or after January 1, 2002, the judge's allowance shall be adjusted effective the first day of the month following the death of the spouse to reflect the benefit that would have been paid had the judge not elected an optional settlement.(3) If the marriage of a retired judge is dissolved or a legal separation is filed, and the judgment dividing the community property between the judge and the surviving spouse awards the total interest in this system to the retired judge, or the marriage is annulled and confirmed by a court, and the retired judge elected this optional settlement to be effective on or after January 1, 2002, 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.(d) Optional settlement 4 consists of other benefits that are the actuarial equivalent of the judge's retirement allowance, that they may select subject to the approval of the board.Amended by Stats 2023 ch 159 (SB 885),s 26, eff. 1/1/2024.Amended by Stats 2017 ch 241 (SB 525),s 22, eff. 1/1/2018.Amended by Stats 2016 ch 199 (AB 2404),s 49, eff. 1/1/2017.Amended by Stats 2001 ch 433 (AB 1099), s 12, eff. 1/1/2002.