(a)A participant who retired and elected an annuity pursuant to Section 26807 may elect to change annuities, subject to all of the following:
(1)A participant who elected a single life annuity with or without a cash refund feature or a period certain annuity may not change his or her annuity.
(2)A participant who elected an annuity under paragraph (3) or (4) of subdivision (b) of Section 26807 may elect an annuity under paragraph (3) of subdivision (a) of Section 26807.5.
(3)The election of the participant under this section is made on or after January 1, 2007, and prior to July 1, 2007.
(4)The participant designates the same annuity beneficiary that was designated under the prior annuity elected by the participant, if the annuity and annuity designation were effective on December 31,
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(a)
A participant who retired and elected an annuity pursuant to Section 26807 may elect to change annuities, subject to all of the following:
(1)
A participant who elected a single life annuity with or without a cash refund feature or a period certain annuity may not change his or her annuity.
(2)
A participant who elected an annuity under paragraph (3) or (4) of subdivision (b) of Section 26807 may elect an annuity under paragraph (3) of subdivision (a) of Section 26807.5.
(3)
The election of the participant under this section is made on or after January 1, 2007, and prior to July 1, 2007.
(4)
The participant designates the same annuity beneficiary that was designated under the prior annuity elected by the participant, if the annuity and annuity designation were effective on December 31, 2006.
(5)
The annuity beneficiary is not afflicted with a known terminal illness and the participant declares, under penalty of perjury under the laws of this state, that to the best of his or her knowledge, the annuity beneficiary is not afflicted with a known terminal illness.
(6)
The annuity beneficiary has not predeceased the participant as of the effective date of the change in the annuity by the participant.
(b)
The change in the annuity by the participant shall be effective on the date the election is signed, provided that the election is on a
properly executed form provided by the system and that election is received at the system’s headquarters office within 30 days after the date the election is signed.
(c)
After receipt of a participant’s election document, the system shall mail an acknowledgment notice to the participant that sets forth the new annuity elected by the participant.
(d)
If the participant and the annuity beneficiary are alive and not afflicted with a known terminal illness, a participant may cancel the election to change annuities and elect to receive the benefit according to the preexisting annuity election. After cancellation, the participant may elect to make a one-time change from the preexisting annuity to any other annuity provided by and subject to the restrictions of paragraph (1), (2), (3), or (4) of subdivision (a). The cancellation or the cancellation and one-time change shall be made on a
properly executed form provided by the system and shall be received at the system’s headquarters office no later than 30 calendar days following the date of mailing of the acknowledgment notice. If the participant elects to make the one-time change provided by this subdivision, the change shall be effective as of the participant’s signature date on the initial election to change.
(e)
If the system is unable to mail an acknowledgment notice to the participant on or before June 1, 2007, or prior to the end of the election period, provided that the participant and the annuity beneficiary are alive and not afflicted with a known terminal illness, the system shall allow a participant to cancel the election to change annuities and elect to receive the benefit according to the preexisting annuity election. After cancellation, the participant may elect to make a one-time change from the preexisting annuity to any other annuity provided by and subject
to the restrictions of paragraph (1), (2), (3), or (4) of subdivision (a). The cancellation or the cancellation and one-time change may be made after the end of the election period if it is made on a properly executed form provided by the system and is received at the system’s headquarters office no later than 30 calendar days following the date of mailing of the acknowledgment notice. If the participant elects to make the one-time change provided by this subdivision, the change shall be effective as of the participant’s signature date on the initial election to change.
(f)
If the participant elects to change his or her annuity as described in subdivision (a) or (d), the participant’s annuity shall be modified in a manner determined by the board to prevent any additional liability to the plan.
(g)
References to a “participant” in paragraph (1) of subdivision (a) shall apply to the
nonmember spouse.
(h)
The participant shall not change annuities in derogation of a spouse’s or former spouse’s community property rights as specified in a court order.