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Optional Settlements

San Diego Municipal Code § 24.1108
in effect
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§24.1108 Optional Settlements (a) Until the first payment of any allowance is made, a member, in lieu of the allowance for his life alone, may elect to apply the actuarial equivalent of his allowance, as of the date of retirement, to a lesser allowance payable through life in accordance with one of the optional settlements specified in this article. (b) Optional Settlement 1 consists of the right to have an allowance paid him until his death, and if he dies before he receives in annuity payments the amount of his accumulated contributions at retirement, to have the balance at death paid to his beneficiary or estate. (c) Optional Settlement 2 consists of the right to have an allowance paid him until his death, and thereafter to such person, having an insurable interest in his life, as he nominates by written designation duly executed and filed with the Board at the time of his retirement. (d) Optional Settlement 3 consists of the right to have an allowance paid him until death, and thereafter to have one–half of his allowance paid to such person, having an insurable interest in his life, as he nominates by written designation duly executed and filed with the Board at the time of his retirement. (e) Optional Settlement 4 consists of the right to have an allowance paid him until his death and thereafter to have such other benefits as are approved by the Board, upon the advice of the actuary, continued throughout the life of and paid to such persons, having insurable interest in his life, as he nominates by written designation duly executed and filed with the Board at the time of his retirement. Such designation shall not, in the opinion of the Board and the actuary, place any additional burden upon the Retirement System. (Amended 8–2–1982 by O–15790 N.S., effective 9–3–1982.)
Source: City of San Diego Office of the City Clerk, San Diego Municipal Code and City Charter (docs.sandiego.gov PDFs)URL: https://docs.sandiego.gov/municode/MuniCodeChapter02/Ch02Art04Division11.pdf#page=5Fetched: 10/28/2026

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