Section 21499.

(a) Notwithstanding Section 21498, when either an initial payment of a preretirement or postretirement death allowance or a preretirement or postretirement lump-sum benefit is payable in an amount of ten dollars ($10) or more, it shall be authorized to the Controller within 45 days of receipt by this system of all the necessary information, including the return of warrants issued or any overpayment outstanding after the date of the death of the annuitant.

(b) If any payment is not made within that time limitation, the payment shall also include interest at the greater of the interest crediting rate specified in Section 20178 or the net earnings rate (including capital gains and losses) in effect at the time the payment is made, for time following the expiration of that time limitation.

(c) The system shall submit, annually, as part of the report required by Section 20237, to the Legislature and the Governor a summary of the experience of the system in making payments pursuant to subdivision (b).

(Amended by Stats. 2003, Ch. 10, Sec. 29. Effective May 14, 2003.)