When a court of competent jurisdiction does not order a separate account as specified in Section 4.1079, but instead awards the former spouse or former domestic partner (the “Ex”) a portion of the retirement benefits payable to the member and to the member’s surviving spouse or domestic partner (survivor), if any, the “Ex,” in lieu of receiving his or her portion of the benefits payable based upon the lifetime of the member and/or survivor, may instead make an irrevocable election to convert his or her interest in such retirement benefits into an actuarially equivalent life annuity payable for the lifetime of the “Ex.” If the member has not yet retired, the “Ex” must make this irrevocable election to receive a life annuity, in writing, prior to receiving payment of his or her community property portion of the retirement allowance. If the member has already retired, the election must be made at the time the “Ex” requests direct payment of his or her community property portion of the retirement allowance. If this irrevocable election is not made prior to the applicable times specified herein, the “Ex” will be deemed to have waived the right to elect to receive a life annuity.
This option is not available in a legal separation where the parties’ relationship has not been legally terminated.
SECTION HISTORY
Added by Ord. No. 182,629, Eff. 7-25-13.