Today's Law As Amended


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AB-507 Public employees’ retirement: postretirement death benefits.(2013-2014)



As Amends the Law Today


SECTION 1.

 Section 21623.6 of the Government Code is amended to read:

21623.6.
 (a) In lieu of benefits provided by Sections 21620, 21622, and 21623, upon the death of any school member, after retirement and while receiving a retirement allowance from this system, there shall be paid to the beneficiary whom he or she shall nominate by written designation duly executed and filed with the board, the sum of three thousand dollars ($3,000), four thousand dollars ($4,000), or five thousand dollars ($5,000), whichever amount is designated by the employer in its contract,  an amount  to be provided from contributions by the employer. employer as follows: 
(1) The sum of four thousand dollars ($4,000), or five thousand dollars ($5,000) if designated by the employer in its contract, for a death occurring from January 1, 2014, to December 31, 2014, inclusive.
(2) The sum of four thousand five hundred dollars ($4,500), or five thousand dollars ($5,000) if designated by the employer in its contract, for a death occurring from January 1, 2015, to December 31, 2015, inclusive.
(3) The sum of five thousand dollars ($5,000) for a death occurring from January 1, 2016, to December 31, 2016, inclusive.
(4) The sum of five thousand five hundred dollars ($5,500) for a death occurring from January 1, 2017, to December 31, 2017, inclusive.
(5) The sum of six thousand dollars ($6,000) for a death occurring from January 1, 2018, to March 31, 2018, inclusive.
(6) For a death occurring on or after April 1, 2018, the amount shall be adjusted annually in the same manner as monthly allowances subject to Sections 21313 and 21329.
(b) For the purposes of this section, all contributions, liabilities, actuarial interest rates, and other valuation factors shall be determined on the basis of actuarial assumptions and methods that, in the aggregate, are reasonable and that, in combination, offer the actuary’s best estimate of anticipated experience under the system.
(c) The additional employer contributions required under this section shall be computed as a level percentage of member compensation.
(d) This section shall not apply to a school employer unless and until it elects to be subject to this section by amendment to its contract made in the manner prescribed for approval of contracts or, in the case of contracts made on or after January 1, 2001, except by express provision in the contract making the school employer subject to this section. any contracting agency or local member, except those contracting agencies that are school employers and those school districts or community college districts as defined in subdivision (i) of Section 20057.