Okla. Admin. Code § 590:40-5-22

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

Section 590:40-5-22 - Beneficiary forms

(a)Requirements for acceptance. The beneficiary form shall be provided by OPERS and shall have no effect until it is signed by the Participant, or in the event of death of the Participant, signed by the Beneficiary. Additionally, the beneficiary form must be filed and accepted by OPERS before it shall be considered effective.

(b)Burden to file form. The Participant, or the Beneficiary in the event of death of the Participant, accepts and acknowledges that he or she has the burden for executing and filing with OPERS a proper beneficiary designation form.

(c)Failure to file or accept. If OPERS does not accept a beneficiary form for any reason, the previous beneficiary form which was properly filed and accepted by OPERS shall control the distribution of benefits.

(d)Options for each plan. OPERS shall provide a beneficiary form which distinguishes the 401(a) plan and 457(b) plan, and the Participant, or the Beneficiary in the event of death of the Participant, shall have the option to designate the same or different beneficiaries for the amounts in the 401(a) plan and the 457(b) plan.

Okla. Admin. Code § 590:40-5-22

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