21623.
(a) In lieu of benefits provided by Section 21620 or 21622, upon the death of any retired state or 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 two thousand dollars ($2,000), to be provided from contributions by the employer.(b) Beginning on or after January 1, 2017, the Board of Administration of the Public Employees’ Retirement System may adjust the death benefit amount following each actuarial valuation to reflect changes in the All Urban California Consumer Price Index and adopt as a plan amendment any adjusted amount.
(b) (c) 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 this system.
(c) (d) The additional employer contributions required under this section shall be computed as a level percentage of member compensation.
(d) (e) This section shall apply to a school employer and a retired school member whose death after retirement occurs on or after January 1, 2001. This section shall not apply to 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.