N.J. Admin. Code § 17:7-22.1

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

Section 17:7-22.1 - Beneficiary designation

(a) The designation of a beneficiary by a participant or retirant shall be made in writing on the applicable form to the Division and filed with the Division. The participant or retirant may, from time to time and without the consent of his or her designee, change the beneficiary by filing a written notice of the change on the applicable form. The new designation will be effective on the date the applicable form, in proper form, is received by the Division, and any prior applicable form shall thereupon become void.

(b) If more than one beneficiary is designated and in such designation the participant or retirant has failed to specify their respective interests, the beneficiaries shall share equally.

(c) Any amounts due for which there is no beneficiary at the death of a participant or retirant, shall be payable to the estate of such participant or retirant.

(d) With respect to any death benefits payable on the basis of the individual retirement annuity contract or contracts, all settlement options will be made available to the participant, retirant, or beneficiary, as are allowed by the insurer or insurers.

(e) The provisions of this section shall be construed separately with respect to each of the death benefits for which a beneficiary is designated by the participant or retirant.

N.J. Admin. Code § 17:7-22.1

Adopted by 47 N.J.R. 905(b), effective 5/4/2015.