(a) In lieu of electing the unmodified allowance, a member may elect to have the actuarial equivalent of his or her unmodified allowance as of the date of retirement applied to a lesser retirement allowance, in accordance with one of the optional settlements specified in this article. The election with respect to a member subject to Section 21624, 21629, or 21630 at retirement, shall apply to all of the retirement allowance, if, at the effective date of retirement, the member has no spouse, children, or dependent parents who would qualify for an allowance under Section 21624, 21629, or 21630, as applicable, after the death of the member; or, if at retirement there are persons who would so qualify, then the election with respect to any optional settlement other than the optional settlement in Section 21474, shall apply only to the portion of the allowance that exceeds the amount of the allowance payable to the survivor.
(b) An actuarial equivalent under this article may be adjusted by the board for the intervals and upon the effective dates determined by the board.
(c) This section shall apply to any member who retires on or after January 1, 2018.
(Added by Stats. 2016, Ch. 199, Sec. 22. (AB 2404) Effective January 1, 2017.)
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