(a)
The survivor benefit allowance is a monthly allowance equal to one-half of the modified retirement allowance the member would have received at normal retirement age, if the member had retired and elected Option 3 pursuant to Section 24300, as that section read on December 31, 2006, naming the spouse as the option beneficiary.
(b)
The allowance payable under this subdivision shall be based on the member’s actual service credit and final compensation as of the date of his or her death, the retirement factor at normal retirement age, and the member’s and spouse’s ages as of the date the member would have attained normal retirement age. If the member’s death occurs after he or she
attains normal retirement age, his or her actual final compensation, the retirement factor at normal retirement age, and the member’s and spouse’s ages as of the date of the member’s death shall be used in the allowance calculation.
(c)
The allowance calculation shall include service credit for the unused sick leave that had accrued to the member as of the date of his or her death. Eligibility for the inclusion of unused sick leave service credit and the calculation of that service credit shall be determined pursuant to Section 22717.
(d)
(1)The allowance calculation shall not include either of the following:
(A)
The increase in the percentage of final compensation pursuant to Section 24203.5.
(B)
The increase of the monthly
allowance pursuant to Section 24203.6.
(2)
The amendments to this section made by the act adding this paragraph do not constitute a change in, but are declaratory of, existing law.
(e)
The surviving spouse may elect to begin receiving the survivor benefit allowance immediately as of the date of the member’s death or to defer receipt of the allowance to the date the member would have attained normal retirement age. If allowance payments to the surviving spouse commence prior to the date the member would have attained normal retirement age, the allowance payable shall be actuarially reduced.
(f)
If the spouse elects, pursuant to Section 23852, to receive the survivor benefit allowance, an additional 10 percent of final compensation shall be payable for each dependent child who is under 21 years of age, up to a maximum
of 50 percent of final compensation. The child’s portion shall begin to accrue on the day following the member’s date of death and shall be payable even if the spouse elects to postpone receipt of the spouse’s survivor benefit allowance until the date the member would have attained normal retirement age.
(g)
If there is no surviving spouse, an allowance in an amount equal to 10 percent of the deceased member’s final compensation shall be paid to each dependent child who is under 21 years of age, up to a maximum of 50 percent of final compensation. If there are more than five dependent children, they shall receive allowances in equal shares of the 50 percent of final compensation. A child’s portion of the survivor benefit allowance shall begin to accrue on the day following the member’s date of death.