SERVICE RETIREMENT OPTIONS |
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Overview |
Eligible
Beneficiary |
PLAN A, B, C, or D
Survivor
Benefit* |
PLAN E
Survivor
Benefit* |
Change Beneficiary After Retirement |
| Unmodified |
Highest monthly retirement allowance available
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Eligible spouse, domestic partner, or minor child*
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65% of member's allowance |
55% of member's allowance |
Plan A, B, C, or D: If your eligible beneficiary dies before you, you may name a new beneficiary who will receive any remaining portion of your accumulated contributions. The new beneficiary is not eligible for a continuing allowance.
Not available in Plan E. |
Unmodified +Plus |
Allows member to provide survivor a customized percentage of member's reduced allowance
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Eligible spouse, domestic partner, or minor child*
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Custom percentage between 66% and 100% of member's reduced allowance (reduced by only enough to cover the difference between 66% and 100%)
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Custom percentage between 56% and 100% of member's reduced allowance (reduced by only enough to cover the difference between 56 % and 100%)
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No |
| Option 1 |
Member receives slightly reduced Unmodified allowance during his/her lifetime; named beneficiary receives remaining balance of member's
accumulated contributions
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Any named beneficiary
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Lump-sum payment (remaining balance of member's accumulated contributions)
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Not available in Plan E |
Plan A, B, C, or D: Full flexibility to change beneficiary at any time.
Not available in Plan E. |
| Option 2 |
Member receives reduced Unmodified allowance during his/her lifetime; named beneficiary receives 100% of reduced allowance
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Any named beneficiary with an insurable interest
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100% of member's reduced allowance (reduction covers the entire cost of survivor's continuing allowance, based on age of member and beneficiary)
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100% of member's reduced allowance (reduction covers the entire cost of survivor's continuing allowance, based on age of member and beneficiary)
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No |
| Option 3 |
Member receives reduced Unmodified allowance during his/her lifetime; named beneficiary receives 50% of reduced allowance
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Any named beneficiary with an insurable interest
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50% of member's reduced allowance (reduction covers the entire cost of survivor's continuing allowance, based on age of member and beneficiary)
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50% of member's reduced allowance (reduction covers the entire cost of survivor's continuing allowance, based on age of member and beneficiary)
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No |
| Option 4 |
Member receives reduced Unmodified allowance during his/her lifetime; can be customized to provide for multiple beneficiaries
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Any named beneficiary(ies) with an insurable interest
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Member can provide a fixed percentage or a set dollar amount to one or more beneficiaries (allowance reduction covers entire cost of survivors' continuing allowance, based on age of member and beneficiaries)
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Member can provide a fixed percentage or a set dollar amount to one or more beneficiaries (allowance reduction covers entire cost of survivors' continuing allowance, based on age of member and beneficiaries)
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No |
Eligible Spouse:
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- Must be married one year prior to the member’s retirement and submit an original certified marriage certificate
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Eligible Domestic Partner:
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- Must be registered with the California Secretary of State, with a Certificate of Registered Domestic Partnership, one year prior to the member’s retirement
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Eligible Child(ren): |
- Up to age 18
- Unmarried
- Eligibility may be extended through the age of 21 if the eligible child(ren) remains unmarried and a full-time student in an accredited educational institution
- Surviving minor child(ren) are eligible for survivor allowances only when there is no surviving spouse or domestic partner
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Person with Insurable Interest: |
According to California law, every person has an insurable interest in the life and health of: |
- Himself [herself]
- Any person on whom he [or she] depends wholly or in part for education or support
- Any person under a legal obligation to him [her] for:
- payment of money
- property or services of which death or illness might delay or prevent the performance
- Any person upon whose life any estate or interest vested in him [her] depends
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Primary Beneficiary
A member's primary beneficiary is the first beneficiary entitled to receive a death benefit subsequent to the member's death. A primary beneficiary may receive 100 percent of the member's death benefit — or a lesser percentage if there is more than one person named as a primary beneficiary. |
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Beneficiary Priority under the Unmodified Option
Under the Unmodified Option, the law entitles your spouse or domestic partner, whether named as a beneficiary or not, to a continuing monthly allowance upon your death. If there is no spouse or domestic partner, the eligible minor children will receive the continuing allowance.
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