Okla. Admin. Code § 590:40-5-20

Current through Vol. 42, No. 8, January 2, 2025

Section 590:40-5-20 - Beneficiaries

(a)Designating a beneficiary. A Participant may file with OPERS a beneficiary or change of beneficiary form designating the person or persons to receive any amounts which may be distributed in the event of death of the Participant prior to complete distribution of benefits. The Participant shall have the option to designate the same or different beneficiaries for amounts in the 401(a) plan and the 457(b) plan. If a Participant dies without having a beneficiary form on file in both the 401(a) plan or 457(b) plan, or is not survived by a designated beneficiary, payments shall be made to the beneficiary designated by the Participant in either the 401(a) plan or 457(b) plan, whichever is applicable.

(b)Beneficiary designation; rights to payment. Following the death of the Participant, the Beneficiary may file with OPERS a beneficiary or change of beneficiary form designating the person or persons to receive any amounts which may be distributed in the event of death of the Beneficiary prior to complete distribution of benefits. The Beneficiary shall have the right to apply to OPERS to amend the payment option as previously elected by the Participant.

(c)Multiple beneficiaries. If more than one designated beneficiary survives the Participant, or the Beneficiary in the event of death of the Participant, distributions shall be made equally to the surviving beneficiaries unless otherwise set forth in the beneficiary form. A Participant, or the Beneficiary in the event of death of the Participant, may designate primary and contingent beneficiaries.

Okla. Admin. Code § 590:40-5-20

Adopted by Oklahoma Register, Volume 32, Issue 24, September 1, 2015, eff. 9/11/2015