Okla. Admin. Code § 590:35-13-6

Current through Vol. 42, No. 4, November 1, 2024

Section 590:35-13-6 - Designated beneficiary

The Participant shall have the right to file with the Plan Administrator a beneficiary or change of beneficiary form designating the person or persons who shall receive the benefits payable under the Plan in the event of the Participant's death. The Beneficiary shall have the right to apply to the Plan Administrator to amend the payment option as previously elected by the Participant.

(1) The form for this purpose shall be provided by the Plan Administrator and will have no effect until it is signed, filed with the Plan Administrator by the Participant or Beneficiary, and accepted by the Plan Administrator.

(2) If the Participant dies without having a Beneficiary form on file or is not survived by the designated Beneficiary, the payments shall be made to the beneficiary designated by the Participant pursuant to Section 590:25-9-9.

(3) If the Participant dies without having a Beneficiary form on file or is not survived by the designated Beneficiary under this Plan or the Deferred Compensation Plan, the payments shall be made to the properly appointed fiduciary of the Participant's probate estate. Provided that if a fiduciary has not been appointed and qualified within one hundred twenty (120) days after the death, the payment may be made first, to a surviving spouse, second, to a surviving child or children, third, to a surviving parent or parents.

(4) The Participant accepts and acknowledges that he has the burden for executing and filing, with the Plan Administrator, a proper beneficiary designation form.

Okla. Admin. Code § 590:35-13-6

Added at 15 Ok Reg 793, eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff 7-13-98

Amended by Oklahoma Register, Volume 36, Issue 24, September 3, 2019, eff. 9/13/2019