N.J. Admin. Code § 17:7-17.3

Current through Register Vol. 57, No. 1, January 6, 2025

Section 17:7-17.3 - Beneficiary designation

(a) Except with regard to the payment of the Group Life Insurance Plan benefit upon the death of a retirant, a participant may elect, by making written request, that the whole or any part of his or her Group Life Insurance Plan benefits be made payable to his or her beneficiary either as a life annuity or in equal installments over a period of years specified in such election, and may alter such election from time to time during his or her lifetime by again making such written request. In the event of a change of beneficiary, any previous arrangement by the participant or retirant under this subsection shall be void. The election set forth in this subsection shall not apply or be available when the beneficiary is an estate, or a corporation, partnership, association, institution, trustee, or any fiduciary.

(b) If, at the participant's death, an amount of group life death benefit would be payable to the beneficiary in a single sum, any election with regard to such amount which was available to the participant immediately prior to his or her death in accordance with (a) above shall then be available to such beneficiary for the benefit of such beneficiary.