Laserfiche WebLink
<br /> <br /> <br /> <br /> <br /> <br /> <br /> 1.5 Designation of Beneficiary. <br /> (a) Each Participant shall designate in writing the Beneficiary or Beneficiaries <br /> <br /> whom such Participant desires to receive the benefits (if any) that are payable under this <br /> <br /> Plan in the event of the Participant's death. Such designation must be evidenced by a <br /> <br /> written instrument filed with the Employer, on a form prescribed by the Employer, and <br /> <br /> signed by the Participant. <br /> <br /> (b) Except as set forth in subsection (c), the Beneficiary of a married <br /> <br /> Participant shall be the Participant's spouse at the date of death, unless the written <br /> <br /> consent of such spouse is provided upon a form acceptable to the Employer. If no valid <br /> <br /> designation of Beneficiary, along with a valid spousal consent, is on file with the <br /> Employer at the time of the death of the Participant, or if for any reason at the sole <br /> <br /> discretion of the Employer, such designation is defective, then (except as set forth in <br /> <br /> subsection (c)) the spouse of such Participant shall be conclusively deemed to be the <br /> <br /> Beneficiary designated to receive such benefit. <br /> <br /> (c) The spousal consent required under subsection (b) shall not be required if <br /> <br /> Participant declares in writing that one of the following conditions exists: <br /> <br /> (i) The Participant is not married; <br /> <br /> (ii) The Participant does not know, and has taken all reasonable steps <br /> <br /> to determine, the whereabouts of the spouse; <br /> (iii) The spouse is incapable of executing the acknowledgment because <br /> <br /> of an incapacitating mental or physical condition; <br /> <br /> (iv) The Participant and spouse have executed a marriage settlement <br /> <br /> agreement that makes the community property laws inapplicable to the marriage; <br /> <br /> or <br /> <br /> N131:564577.3 3 <br /> <br /> 55A-42 <br />