This section shall apply to any judge who retires on or before December 31, 2017.
(a) Optional settlement one consists of the right to have a retirement allowance paid to the judge until his or her death and if he or she dies before he or she receives the amount of his or her accumulated contributions at retirement, to have the balance at death paid to his or her surviving spouse or estate.
(b) (1) Optional settlement two consists of the right to have a retirement allowance paid to the judge until his or her death and thereafter to his or her surviving spouse for life.
(2) If the judge’s spouse predeceases the judge and the judge elected this optional settlement to be effective on or after January 1, 2002, the judge’s allowance shall be adjusted effective the first day of the month following the death of the spouse to reflect the benefit that would have been paid had the judge not elected an optional settlement.
(3) If the marriage of a retired judge is dissolved or a legal separation is filed, and the judgment dividing the community property between the judge and the surviving spouse awards the total interest in this system to the retired judge, or the marriage is annulled and confirmed by a court, and the retired judge elected this optional settlement to be effective on or after January 1, 2002, the retired judge’s allowance shall be adjusted effective the first day of the month following the filing of the judgment with the board to reflect the benefit that would have been paid had the judge not elected an optional settlement.
(c) (1) Optional settlement three consists of the right to have a retirement allowance paid to the judge until his or her death, and thereafter to have one-half of his or her retirement allowance paid to his or her surviving spouse for life.
(2) If the judge’s spouse predeceases the judge and the judge elected this optional settlement to be effective on or after January 1, 2002, the judge’s allowance shall be adjusted effective the first day of the month following the death of the spouse to reflect the benefit that would have been paid had the judge not elected an optional settlement.
(3) If the marriage of a retired judge is dissolved or a legal separation is filed, and the judgment dividing the community property between the judge and the surviving spouse awards the total interest in this system to the retired judge, or the marriage is annulled and confirmed by a court, and the retired judge elected this optional settlement to be effective on or after January 1, 2002, the retired judge’s allowance shall be adjusted effective the first day of the month following the filing of the judgment with the board to reflect the benefit that would have been paid had the judge not elected an optional settlement.
(d) Optional settlement four consists of other benefits that are the actuarial equivalent of his or her retirement allowance, that he or she may select subject to the approval of the board.
(Amended by Stats. 2017, Ch. 241, Sec. 22. (SB 525) Effective January 1, 2018.)