Section 14-44-27 - Beneficiaries; designation; rights(a) A participant shall designate on the participation agreement form a beneficiary or beneficiaries, who shall receive the participant's benefits in the event of the participant's death. In the event a beneficiary has not been designated or the designation is ineffective, the participant's estate shall become the beneficiary.(b) Effective for a participant's death after December 31, 2021, benefits payable to the participant's designated beneficiary shall be distributed within ten years after the death of the participant, except with respect to eligible designated beneficiaries as defined under the Code, including surviving spouses, minor children, disabled or chronically ill beneficiaries, and an individual who is not more than ten years younger than the participant.(c) Upon the participant's death, a beneficiary shall have all the rights of the participant, except as limited by regulations governing section 457 of the Internal Revenue Code, 26 U.S.C. § 457.[Eff. MAY 12 1983] (Auth: HRS § 88E-3) (Imp: HRS § 88E-3)