Sec. 5014.5. Definitions as used in this Part

Latest version.

(a) Maximum benefit.
The largest possible annual allowance which may be paid over a member's remaining lifetime following retirement with all payments ceasing at the member's death.
(b) Option.
The actuarial equivalent of the member's maximum benefit in the form of a lesser allowance payable over the remaining life of the member with a provision for the payment of benefit(s) upon the member's death and such other applicable provisions, if any, as specified under law.
(c) Beneficiary.
The person nominated to receive the survivor portion of the option elected by the member by written designation duly acknowledged and filed with the system.

                    
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