SECTIONS 27000-27008

27000.  The death benefit shall become payable to the beneficiaryupon receipt of proof of the participant's death.27001.  Notwithstanding Chapter 3 (commencing with Section 13100) ofPart 1 of Division 8 of the Probate Code or any other provision oflaw to the contrary, the death benefit payable under the Cash BalanceBenefit Program may be requested by the beneficiary and paid by thesystem as soon as practicable after the system receives proof of theparticipant's death. Except as provided in Section 27302, the deathbenefit under this part shall be paid no later than December 31 ofthe calendar year in which the fifth anniversary of the participant'sdate of death occurs unless the beneficiary is the participant'sspouse in which case distributions must commence on or before thelater of either of: (a) December 31 of the calendar year immediately following thecalendar year in which the participant dies. (b) December 31 of the calendar year in which the participantwould have attained the age of 70 1/2 years.27002.  If the participant died prior to commencement of an annuity,the death benefit shall be an amount that is equal to the sum of theparticipant's employee account and employer account.27003.  The normal form of death benefit under this part is alump-sum payment. Upon distribution of the lump-sum payment to thebeneficiary, no further benefits shall be payable from the plan withrespect to the Cash Balance Benefit Program.27004.  (a) A beneficiary, other than an entity, may elect toreceive the final benefit payable under the Cash Balance BenefitProgram as an annuity payable in monthly installments provided thatthe sum of the employee account and the employer account that ispayable to the beneficiary equals at least three thousand fivehundred dollars ($3,500). (b) A beneficiary who elects to receive an annuity pursuant tothis section shall elect a period certain annuity. This form ofpayment is an annuity equal to the actuarial equivalent of the sum ofthe balance of the employee account and the employer account on thedate of the participant's death. The annuity shall be payable inwhole year increments over a period of years specified by thebeneficiary, from a minimum of three years to a maximum of 10 years.However, the annuity period shall not exceed the life expectancy ofthe beneficiary. The beneficiary may designate a payee to receive theremaining balance of payments if the beneficiary dies prior to theend of the period certain.27005.  The annuity elected under this chapter shall be determinedas a value actuarially equivalent to the sum of the participant'semployee account and employer account as of the date the deathbenefit becomes payable. The annuity shall be calculated using theage of the beneficiary on the date the benefit becomes payable.27006.  Upon the beneficiary's election to receive the death benefitunder this part in the form of an annuity, the credits in theparticipant's employee account and employer account shall betransferred to the Annuitant Reserve.27007.  (a) If the participant died while receiving an annuity underthis part, the death benefit shall be payable in accordance with theterms of the annuity elected by the participant. (b) Upon the death of a participant who elected a single lifeannuity with a cash refund feature under this part, any balanceremaining in the participant's employee account and employer accountshall be payable in a lump sum to the beneficiary. (c) Upon the death of a participant who elected a single lifeannuity without a cash refund feature under this part, no deathbenefit shall be payable. (d) Upon the death of a participant who elected a joint andsurvivor annuity under this part, the annuity shall continue for lifeto the surviving beneficiary under the joint and survivor option. Ifthe beneficiary under the joint and survivor option has predeceasedthe participant, no death benefit shall be payable. (e) Upon the death of a participant who elected a period certainannuity under this part prior to the completion of annuity paymentsdue the participant, the remaining balance of payments shall be paidto the beneficiary designated by the participant.27008.  Upon the death of a beneficiary who was receiving an annuityunder this part due to the death of a participant, payment shall bemade as follows: (a) Upon the death of a beneficiary under a joint and survivoroption, no amount shall be payable. (b) Upon the death of a beneficiary who elected a single lifeannuity without a cash refund feature, no amount shall be payable. (c) Upon the death of a beneficiary who was receiving a periodcertain annuity, the actuarial equivalent of the remaining balance ofpayments shall be paid in a lump sum to the estate of thebeneficiary unless the beneficiary designated a payee to receive theremaining balance of payments as provided in Section 27004.