Public Employees Retirement System; Optional Settlements
An election, revocation, or change of election shall be made within 30 calendar days after the making of the first payment on account of any retirement allowance or, in the event of a change of retirement status after retirement, within 30 calendar days after the making of the first payment on account of any retirement allowance following the change in retirement status. "Change in retirement status" includes, but is not limited to, change from service to disability retirement, from disability retirement to service retirement, from nonindustrial disability retirement to industrial disability retirement, or from industrial to nonindustrial disability retirement.
For purposes of this section, payment shall be deemed to have been made on the date a warrant is mailed, or the date funds are electronically transferred to a bank, savings and loan association, or credit union account for deposit in the member's account.
This section shall not be construed to authorize a member to change his or her retirement status after the election, revocation, or change of election provided in this section.
This section shall apply to any member who retires on or before December 31, 2017.
(Amended by Stats. 2016, Ch. 199, Sec. 8.)