§ 21458 Retirement Benefit Settlement Options

• •This law lets retired members pick a different way to get their retirement money, but it has to be equal in value to their normal retirement pay.
• •The new way can't give more money to the member's family after they die than another option (optional settlement 2) would.
• •The retirement board has to show examples of this option in the member's benefit booklet.
• •This rule only applies to people who retired by December 31, 2017.

A person retires and wants to get their retirement money in a different way than the usual monthly checks.

They can ask the board for another payment plan, but it has to be worth the same amount as their normal retirement pay. Also, if they want their family to get money after they die, it can't be more than what another plan (optional settlement 2) would give. The board has to show them examples of how this works.