Section 27004 - Election to receive benefit as annuity(a) A beneficiary, other than an entity except a trust as defined in Section 26106.5, may elect to receive the final benefit payable under the Cash Balance Benefit Program as an annuity payable in monthly installments provided that the sum of the employee account and the employer account that is payable to the beneficiary equals at least three thousand five hundred dollars ($3,500).(b) A beneficiary who elects to receive an annuity pursuant to this section shall elect a period certain annuity. This form of payment is an annuity equal to the actuarial equivalent of the sum of the balance of the employee account and the employer account on the date of the participant's death. The annuity shall be payable in whole year increments over a period of years specified by the beneficiary, from a minimum of three years to a maximum of 10 years. However, the annuity period shall not exceed the life expectancy of the beneficiary of the trust that is beneficiary with respect to the trust's interest in the plan.(c) The beneficiary may designate a payee to receive the remaining balance of payments if the beneficiary dies prior to the end of the period certain. Unless otherwise specified in the trust instrument, the trustee or beneficiary of the trust that is an annuity beneficiary is entitled to name a subsequent beneficiary if the trust is valid. If the trust is determined to be invalid or terminated, any election by the trustee pursuant to this subdivision shall be void and the beneficiary shall be entitled to exercise all rights provided to annuity beneficiaries under this part.Amended by Stats 2016 ch 559 (AB 1875),s 17, eff. 1/1/2017.Amended by Stats 2006 ch 655 (SB 1466),s 79, eff. 1/1/2007.Amended by Stats 2002 ch 375 (AB 2982),s 38, eff. 1/1/2003.Added by Stats 2001 ch 803 (SB 501), s 47, eff. 1/1/2002. Former 27004 was repealed by Stats 2001 ch 803 (SB 501), s 46, eff. 1/1/2002 .