(a) Subject to Subsection (c) and Section 4.2103(h), a member who elects to participate in DROP shall designate in writing, at the time of entry into DROP, a beneficiary for the DROP account. The member may change the designation at any time prior to taking the distribution of the DROP account. The member’s beneficiary designation shall be applicable only to the distribution pursuant to provisions of this chapter.
(b) If the designated beneficiary predeceases a DROP participant who then dies before designating a new beneficiary, all distributions pursuant to this chapter shall be made to the estate of the DROP participant.
(c) Notwithstanding the above provisions, a member’s community property obligations under applicable California law will not be affected by the beneficiary designation.
SECTION HISTORY
Added by Ord. No. 174,540, Eff. 5-8-02.