Mo. Code Regs. tit. 16 § 50-10.060
Current through Register Vol. 49, No.12, June 17, 2024
Section 16 CSR 50-10.060 - Death BenefitsPURPOSE: This rule describes the benefits available to a Participantst's Beneficiary upon his or her death and the procedure for designating a beneficiary.
(1) Death Benefit. As soon as administratively feasible following the death of a Participantst, the Participantst's Beneficiary shall receive a single-sum distribution of the Participantst's entire remaining Account balance.(2) Beneficiary Designation. A Participantst shall have the right to designate a Beneficiary, and amend or revoke such designation at any time, in writing. Such designation, amendment, or revocation shall be effective upon receipt by the Board (or its designee).(3) Failure to Designate a Beneficiary. If no designated Beneficiary survives the Participantst (or if no Beneficiary designation has been received or approved by the Board) and benefits are payable following the Participantst's death, the Board shall direct that payment of benefits be made to-(A) The spouse of the Participantst; or(B) The Participantst's estate.(4) Direct Rollover. The direct rollover provisions shall apply to a distribution made in accordance with this rule to the extent provided by the Plan and applicable law.(5) Death During Military Service. Effective January 1, 2007, where a Participantst dies while performing qualified military service (as defined by section 414(u) of the Code), the survivors of the Participantst are entitled to any additional benefits (other than benefit accruals relating to the period of qualified military service), and the rights and features accompanying those benefits, provided under the Plan that would be available under the Plan had the Participantst resumed and then terminated employment on account of death. Notwithstanding anything herein to the contrary, the Plan shall be administered to comply with the Heroes Earnings Assistance and Tax Relief Act of 2008 to the extent required therein. AUTHORITY: section 50.1250, RSMo Supp. 2009.* Original rule filed May 9, 2000, effective Jan. 30, 2001. Amended: Filed Jan. 25, 2010, effective July 30, 2010. *Original authority: 50.1250, RSMo 1999, amended 2001, 2004, 2007.