(a) A member who retired for service under Option 2 or Option 3 with an effective date prior to January 1, 1991, may elect to change Option 2 to Option 6 or Option 3 to Option 7 under all of the following conditions:
(1) The election is made during the six-month period commencing July 1, 1994, and ending December 31, 1994.
(2) The same beneficiary under Option 2 or Option 3 is named as beneficiary under Option 6 or Option 7.
(3) The change in options is consistent with Sections 22453 and 24322.
(4) The option beneficiary is not afflicted with any known terminal illness and the retired member shall state under penalty of perjury that to the best of his or her knowledge the option beneficiary is not afflicted with any known terminal illness.
(5) The option beneficiary has not predeceased the retired member as of the effective date of the change in options.
(b) The change in options shall be effective on the date the election is signed, provided that the election is received at the system’s headquarters office within 30 days after the date of the signature.
(c) If an election to change options is made pursuant to this section, the modified allowance shall be reduced in a manner determined by the board to ensure that no additional liability shall be incurred by the plan pursuant to this section.
(Added by renumbering Section 24306.5 by Stats. 2014, Ch. 755, Sec. 54. (SB 1220) Effective January 1, 2015.)