CA SB1165

Redefines "school year" as July 1 through June 30 and makes conforming amendments to reference "school term" instead of "school year" throughout the Teachers' Retirement Law.

Clarifies that compensation from other retirement systems cannot be used to determine final compensation when earned during the same pay period as Defined Benefit Program service.

Authorizes retired members who cancel a pension option upon divorce to elect a new option naming a new spouse or registered domestic partner as beneficiary if they subsequently marry or register in a domestic partnership.

Extends the deadline for election forms to be received at STRS headquarters from 30 days to 60 days for members electing Defined Benefit Program coverage when hired by different employers.

Permits beneficiaries to waive lump-sum death payments and survivor benefits, and allows Cash Balance Benefit Program members to continue Social Security or alternative plan coverage when becoming Defined Benefit Program members for another employer.