This section shall apply to any judge who retires on or after January 1, 2018.
(a)
The unmodified allowance consists of the right to have the maximum retirement allowance paid to the judge for the judge’s life alone. A continuing allowance to the surviving spouse, other than the benefit provided in subdivision (c) or (d) of Section 75590, is not provided and there is not a return of unused accumulated contributions after the death of the judge.
(b)
The Return of Remaining Contributions Option 1 consists of the right to have a retirement allowance paid to the judge for the judge’s life alone and if the judge dies before the judge receives in annuity payments the amount of the judge’s accumulated contributions at
retirement, to have the balance at death paid to the judge’s surviving spouse, or if none, to the judge’s designated beneficiary, or if none, to the judge’s estate.
(c)
(1)
The 100 Percent Beneficiary Option 2 consists of the right to have a retirement allowance paid to the judge until the judge’s death and thereafter to have the same monthly allowance paid to the judge’s surviving spouse for life, provided that, with respect to a judge subject to subdivision (c) or (d) of Section 75590, the surviving spouse shall receive that portion of the judge’s monthly allowance that exceeds the amount of the allowance deemed payable pursuant to subdivision (c) or (d) of Section 75590.
(2)
Upon the death of both the judge and the surviving spouse, any remaining balance of the judge’s accumulated contributions at retirement not used to fund the allowances paid to the
judge and the surviving spouse pursuant to this subdivision will be paid in a lump sum to the designated beneficiary of the deceased, or if none, to the estate of the deceased.
(d)
(1)
The 100 Percent Beneficiary Option 2 with Benefit Allowance Increase consists of the right to have a retirement allowance paid to the judge until the judge’s death and thereafter to have the same monthly allowance paid to the judge’s surviving spouse for life; provided that with respect to a judge subject to subdivision (c) or (d) of Section 75590, the surviving spouse shall receive that portion of the judge’s monthly allowance that exceeds the amount of the allowance deemed payable pursuant to subdivision (c) or (d) of Section 75590.
(2)
If the judge’s spouse predeceases the judge and the judge elected this optional settlement, 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 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, 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.
(e)
(1)
The 50 Percent Beneficiary Option 3 consists of the right to have a retirement allowance paid to the judge until the judge’s death and thereafter to have one-half of the monthly
allowance paid to the judge’s surviving spouse for life; provided that with respect to a judge subject to subdivision (c) or (d) of Section 75590, the surviving spouse shall receive one-half of that portion of the judge’s monthly allowance that exceeds the amount of the allowance deemed payable pursuant to subdivision (c) or (d) of Section 75590.
(2)
Upon the death of both the judge and the surviving spouse, any remaining balance of the judge’s accumulated contributions at retirement not used to fund the allowances paid to the judge and the surviving spouse pursuant to this subdivision will be paid in a lump sum to the designated beneficiary of the deceased, or if none, to the estate of the deceased.
(f)
(1)
The 50 Percent Beneficiary Option 3 with Benefit Allowance Increase consists of the right to have a retirement allowance paid to the judge until the
judge’s death and thereafter to have one-half of the monthly allowance paid to the judge’s surviving spouse for life; provided that with respect to a judge subject to subdivision (c) or (d) of Section 75590, the surviving spouse shall receive one-half of that portion of the judge’s monthly allowance that exceeds the amount of the allowance deemed payable pursuant to subdivision (c) or (d) of Section 75590.
(2)
If the judge’s spouse predeceases the judge and the judge elected this optional settlement, 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 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, 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.
(g)
The Flexible Beneficiary Option 4 consists of the right to have a retirement allowance paid to a judge until the judge’s death, and thereafter to have a monthly allowance paid to the judge’s surviving spouse for life. Subject to Section 75570.5, the judge may select the monthly allowance payable to the surviving spouse from the options below:
(1)
Specific Dollar Amount to a Surviving Spouse. The judge may specify that upon the judge’s death after retirement, a monthly allowance in an amount determined by the judge be paid to the
judge’s surviving spouse for life.
(2)
Specific Percentage to a Surviving Spouse. The judge may specify that upon the judge’s death after retirement, a monthly allowance in an amount equivalent to a specified percentage of the judge’s allowance be paid to the judge’s surviving spouse for life.
