N.Y. Comp. Codes R. & Regs. tit. 21 § 5013.2

Current through Register Vol. 46, No. 50, December 11, 2024

Section 5013.2 - Testamentary trust as beneficiary

The designation of a trustee of a testamentary trust as beneficiary to receive the return of the accumulated contributions in a lump sum, a lump-sum death benefit including take-home-pay reserve, if any, the lump sum option pursuant to section 5014.2(a) of this Title, the commuted value of a five or ten year guarantee option pursuant to section 5014.2(b) of this Title, or a lump- sum alternative option pursuant to section 5014.2(c) of this Title shall be proper if the following conditions are met:

(a) The designation must be on a form supplied by the system.

(b) The trustee to whom a benefit may become payable must be a person or corporation, and must be definitely ascertainable from the will.

(c) The form which the designation must take is substantially as follows:

"Trustee (or trustees) of the testamentary trust established by my last will."

(d) The will under which the trust is established must be the member's/beneficiary's will.

(e) The system must be furnished, at or before the time a benefit becomes payable, with a certified copy of the letters of trusteeship or other evidence which, in the system's sole judgment, establishes the authority of the trustee(s) to receive payment.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 5013.2