Okla. Admin. Code § 590:25-9-9

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

Section 590:25-9-9 - Designated beneficiary

The Participant shall have the right to file with the Board, 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. Following the death of the Participant, the beneficiary shall also have the right to file with the Board, 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 beneficiary's death.

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

(2) If the Participant or beneficiary dies without having a beneficiary form on file, 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.

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

Okla. Admin. Code § 590:25-9-9

Amended at 20 Ok Reg 1753, eff 6-12-03

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