Public Employees' Retirement System: optional settlements.
Existing law creates the Public Employees' Retirement System (PERS) , the Judges' Retirement System, and the Judges' Retirement System II, all of which are administrated by the Board of Administration of the Public Employees' Retirement System. Existing law permits a member of the Public Employees' Retirement System to elect from among several optional settlements for the purpose of structuring his or her retirement allowance, which may result in a reduction of the allowance paid to the member in relation to the payments to his or her beneficiary after the member's death. Existing law includes among these options the following: optional settlement 1, which provides for payment of a retirement allowance until death and the payment of any remaining contributions at death to his or her beneficiary or estate; optional settlement 2, which provides an allowance for life to the member and thereafter to his or her beneficiary; optional settlement 3, which provides an allowance for life to the member and thereafter 1/2 of his or her allowance to his or her beneficiary; optional settlement 4, which provides for such other benefits that are the actuarial equivalent of a member's retirement allowance, subject to approval of the board and that the benefits payable not exceed actuarial equivalent of benefits under optional settlement 2, as specified; and optional settlement 5, which provides for a partial present distribution of the actuarial present value of a portion of a member's unmodified monthly allowance, as specified. Existing law entitles a member to elect certain variations within these settlements and, in certain instances, to a recalculated, increased allowance if the beneficiary predeceases the member, subject to a specified, sinking percentage. Existing law similarly permits a member of the Judges' Retirement System or the Judges' Retirement System II to select from various optional settlements for the purpose of structuring his or her retirement benefits.
us/states/ca
California Legislature
20152016
AB 2404
California AB 2404 (20152016)
bill
Public Employees' Retirement System: optional settlements.
California AB 2404 (20152016) — Public Employees' Retirement System: optional settlements.
Existing law creates the Public Employees' Retirement System (PERS) , the Judges' Retirement System, and the Judges' Retirement System II, all of which are administrated by the Board of Administration of the Public Employees' Retirement System. Existing law permits a member of the Public Employees' Retirement System to elect from among several optional settlements for the purpose of structuring his or her retirement allowance, which may result in a reduction of the allowance paid to the member in relation to the payments to his or her beneficiary after the member's death. Existing law includes among these options the following: optional settlement 1, which provides for payment of a retirement allowance until death and the payment of any remaining contributions at death to his or her beneficiary or estate; optional settlement 2, which provides an allowance for life to the member and thereafter to his or her beneficiary; optional settlement 3, which provides an allowance for life to the member and thereafter 1/2 of his or her allowance to his or her beneficiary; optional settlement 4, which provides for such other benefits that are the actuarial equivalent of a member's retirement allowance, subject to approval of the board and that the benefits payable not exceed actuarial equivalent of benefits under optional settlement 2, as specified; and optional settlement 5, which provides for a partial present distribution of the actuarial present value of a portion of a member's unmodified monthly allowance, as specified. Existing law entitles a member to elect certain variations within these settlements and, in certain instances, to a recalculated, increased allowance if the beneficiary predeceases the member, subject to a specified, sinking percentage. Existing law similarly permits a member of the Judges' Retirement System or the Judges' Retirement System II to select from various optional settlements for the purpose of structuring his or her retirement benefits.
Version chain
The bill's text revisions, in order — the diff chain from filing to enrollment.
AB 2404 COOLEY Concurrence in Senate Amendments — 78–0 (pass) · lower
Do pass, but first be re-referred to the Committee on [Appropriations] with the recommendation: To Consent Calendar — 5–0 (pass) · upper
Do pass and be re-referred to the Committee on [Appropriations] with recommendation: To Consent Calendar — 7–0 (pass) · lower
AB 2404 COOLEY Consent Calendar Second Day — 79–0 (pass) · lower
Consent Calendar 2nd AB2404 Cooley By Pan — 37–0 (pass) · upper
Do pass. To Consent Calendar. — 19–0 (pass) · lower
Sponsors
Cooley — primary (person)
Timeline
The legislative action history — every referral, reading, and vote.
2016-02-19 Introduced. To print. introduction
2016-02-21 From printer. May be heard in committee March 22.
2016-02-22 Read first time. reading-1
2016-03-14 Referred to Com. on P.E., R., & S.S. referral-committee
2016-03-15 From committee chair, with author's amendments: Amend, and re-refer to Com. on P.E., R., & S.S. Read second time and amended. reading-2, amendment-introduction, amendment-passage, reading-1
2016-03-16 Re-referred to Com. on P.E., R., & S.S. referral-committee
2016-04-12 From committee chair, with author's amendments: Amend, and re-refer to Com. on P.E., R., & S.S. Read second time and amended. reading-2, amendment-introduction, amendment-passage, reading-1
2016-04-13 Re-referred to Com. on P.E., R., & S.S. referral-committee
2016-04-20 From committee: Do pass and re-refer to Com. on APPR. with recommendation: To Consent Calendar. (Ayes 7. Noes 0.) (April 20). Re-referred to Com. on APPR. referral-committee, committee-passage-favorable, committee-passage
2016-04-27 From committee: Do pass. To Consent Calendar. (Ayes 19. Noes 0.) (April 27). committee-passage-favorable, committee-passage
2016-04-28 Read second time. Ordered to Consent Calendar. reading-2, reading-1
2016-05-05 Read third time. Passed. Ordered to the Senate. (Ayes 79. Noes 0. Page 4686.) reading-3, passage, reading-1
2016-05-05 In Senate. Read first time. To Com. on RLS. for assignment. reading-1
2016-05-12 Referred to Com. on P.E. & R. referral-committee
2016-06-08 In committee: Set, first hearing. Hearing canceled at the request of author.
2016-06-13 From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on P.E. & R. referral-committee, reading-2, amendment-introduction, amendment-passage, reading-1
2016-06-27 From committee: Do pass and re-refer to Com. on APPR. with recommendation: To Consent Calendar. (Ayes 5. Noes 0.) (June 27). Re-referred to Com. on APPR. referral-committee, committee-passage-favorable, committee-passage
2016-08-01 From committee: Be placed on second reading file pursuant to Senate Rule 28.8, be amended, and ordered to consent calendar. committee-passage, amendment-passage
2016-08-02 Read second time and amended. Ordered to consent calendar. amendment-passage, reading-2, reading-1
2016-08-11 Read third time. Passed. Ordered to the Assembly. (Ayes 37. Noes 0. Page 4871.). reading-3, passage, reading-1
2016-08-11 In Assembly. Concurrence in Senate amendments pending. May be considered on or after August 14 pursuant to Assembly Rule 77.
2016-08-15 Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 78. Noes 0. Page 5812.). committee-passage-favorable, amendment-passage
2016-08-18 Enrolled and presented to the Governor at 3 p.m.
2016-08-26 Approved by the Governor. executive-signature
2016-08-26 Chaptered by Secretary of State - Chapter 199, Statutes of 2016.
Source
OpenStates / OpenCivicData bulk snapshot 2026-07-01; origin ocd-bill/5a393e63-1326-4f7a-bb3f-4d0cc4aecdd4. Confidence: reported (aggregated from official California legislature records).
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