Amended by Stats. 2021, Ch. 186, Sec. 5. (SB 634) Effective January 1, 2022.
Application for a retirement benefit under this part shall be made on a form prescribed by the system. A participant who files an application for a retirement benefit may change or cancel the retirement application if all of the following are met:
(a)The form provided by the system is received in the system’s headquarters office no later than 30 days from the date of the participant’s initial benefit payment.
(b)The participant returns the total gross distribution amount of all payments for any canceled retirement benefit, including a lump-sum payment being changed to an annuity, to the system’s headquarters office no later than 45 days from the date of the participant’s initial benefit payment. The participant shall be
liable for any adverse tax consequences that may result from these actions.
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