County Employees Retirement Law of 1937 (CERL) - sdcera

his or her life, as he or she nominates by written designation duly executed and filed with the
board.
(Amended by Stats. 1991, Ch. 982, Sec. 2)
§31762. Optional settlement 2
Optional settlement 2 consists of the right to elect in writing to have a retirement
allowance paid to him or her until his or her death, and thereafter to the person, having an
insurable interest in his or her life, as he or she nominates by written designation duly executed
and filed with the board at the time of his or her retirement.
(Amended by Stats. 1991, Ch. 982, Sec. 3)
(Amended by Stats. 2004, Ch. 183 (A.B. 3082), Sec. 170)
§31763. Optional settlement 3
Optional settlement 3 consists of the right to elect in writing to have a retirement
allowance paid him or her until his or her death, and thereafter to have one-half of his or her
retirement allowance paid to the person, having an insurable interest in his or her life, as he or
she nominates by written designation duly executed and filed with the board at the time of his
or her retirement.
(Amended by Stats. 1991, Ch. 982, Sec. 4)
§31764. Optional settlement 4
Optional settlement 4 consists of the right to elect in writing to have a retirement
allowance paid him or her until his or her death and thereafter to have other benefits as are
approved by the board, upon the advice of the actuary, continued throughout the life of and
paid to the persons, having an insurable interest in his or her life, as he or she nominates by
written designation duly executed and filed with the board at the time of his or her retirement.
The designation shall not, in the opinion of the board and the actuary, place any additional
burden upon the retirement system.
(Amended by Stats. 1991, Ch. 982, Sec. 5)
§31764.5. (Operative date contingent) Adjustment after election to reduce allowance with
optional settlement
(a) At retirement, a member who elects an optional settlement pursuant to Section
31762, 31763, or 31764 may elect to reduce his or her allowance to provide that if the named
beneficiary predeceases the member, the member’s allowance shall be adjusted to the amount
he or she would have been entitled to receive at retirement if his or her benefit had not been
modified by an optional settlement, adjusted by any cost-of-living increases that would have
been added to the monthly allowance. The adjusted allowance shall be effective on the first day
of the month following the month in which notification of the beneficiary’s death is received by
the board.
(b) This section may not become operative if, in the opinion of the retirement board
and the actuary, the allowances payable under this section would place an additional financial
burden on the retirement system.
(c) This section may not become operative until the board of supervisors elects, by
resolution adopted by a majority vote, to make this section operative in the county.
(Added by Stats. 2004, Ch. 441 (A.B. 979), Sec. 4)
Article 11, §31761. - §31764.5. 284