(a) A death payment of not less than five thousand dollars ($5,000) shall be paid to the beneficiary, as designated pursuant to Section 23300, upon receipt of proof of death of either of the following:
(1) A retired member.
(2) A member, if the death payment pursuant to Section 23801 would have otherwise been payable or if the conditions specified pursuant to paragraphs (3) and (5) of subdivision (b) of Section 23854 are met, and if the member’s death occurs during one of the following periods:
(A) Within one year commencing with the effective date of reinstatement from service retirement pursuant to Section 24208.
(B) Within six months commencing with the effective date of reinstatement from disability retirement pursuant to Section 24117.
(b) The board may adjust the death payment amount following each actuarial valuation based on changes in the All Urban California Consumer Price Index and adopt as a plan amendment any adjusted amount.
(c) A designated beneficiary may waive the right to the death payment in accordance with the requirements established by the system. The waiver shall be submitted on a properly executed form prescribed by the system. The filing of a waiver by a beneficiary constitutes a complete and immediate discharge of all obligations of the board, the system, or the plan to or on behalf of the beneficiary.
(Amended by Stats. 2017, Ch. 298, Sec. 9. (AB 1325) Effective January 1, 2018.)