19-20-1007. Requirements for beneficiary designation to be effective
19-20-1007. Requirements for beneficiary designation to be effective. (1) To be accepted as an effective beneficiary designation, the beneficiary designation record must: (a) be made on a paper form or by an electronic process prescribed by the retirement system specifically for the designation of beneficiaries; (b) if submitted electronically, include the certified digital signature of the member or, […]
19-20-1008. Changes to beneficiary designations — limitations on changing spouse beneficiary interest
19-20-1008. Changes to beneficiary designations — limitations on changing spouse beneficiary interest. (1) Once accepted by the retirement system, a beneficiary designation may be changed only by the member submitting to the retirement system a new effective beneficiary designation record. No other action, process, or provision of law may invalidate, revoke, terminate, or otherwise modify the […]
19-20-1009. Payment to minor child — opportunity to name custodian
19-20-1009. Payment to minor child — opportunity to name custodian. (1) The retirement system may not make a payment directly to an individual who is less than 21 years of age. (2) The retirement system shall make a payment to which a minor child is entitled by making the payment to an entity or adult designated as […]
19-20-1010. through 19-20-1012 reserved
19-20-1010 through 19-20-1012 reserved.
19-20-1013. Supremacy of retirement system provisions
19-20-1013. Supremacy of retirement system provisions. The designation and payment of beneficiaries under the retirement system is governed solely by the provisions of this chapter. No other provisions of law apply. History: En. Sec. 19, Ch. 276, L. 2019.
19-20-1001. Payments upon death of member prior to retirement
19-20-1001. Payments upon death of member prior to retirement. (1) If a member dies before retirement: (a) except as provided in subsection (2), a lump-sum refund of the member’s account balance must be paid to the member’s eligible beneficiary or beneficiaries; (b) if the deceased member was vested and was an active member in the retirement system within […]
19-20-1002. Payments upon death of retiree
19-20-1002. Payments upon death of retiree. (1) In the event of the death of a retired member: (a) a lump-sum death benefit of $500 is payable to the joint annuitant or in equal shares to the deceased retiree’s eligible beneficiary or beneficiaries receiving benefits under either subsection (2), (3), or (4) and is in addition to those […]
19-20-1003. Payment of death benefits
19-20-1003. Payment of death benefits. (1) Death benefits paid from the system are subject to the requirements of this section. (2) Death benefits must be distributed in accordance with section 401(a)(9) of the Internal Revenue Code and the regulations adopted under that section. (3) The amount of benefits payable to a retired member’s beneficiary or joint annuitant may […]
19-20-1004. Compliance with federal act
19-20-1004. Compliance with federal act. With respect to a member’s death occurring on or after January 1, 2007, while a member is performing qualified military service covered under the Heroes Earnings Assistance and Relief Tax Act of 2008, Public Law 110-245, and to the extent required by section 401(a)(37) of the Internal Revenue Code, 26 U.S.C. […]
19-20-1005. Alternate beneficiaries
19-20-1005. Alternate beneficiaries. (1) A decedent’s alternate beneficiary is the decedent’s estate if the estate is probated. (2) (a) If the decedent’s estate is not informally or formally probated, the alternate beneficiaries are the surviving individuals determined in the following order of priority, the decedent’s: (i) legal spouse; (ii) natural and adopted children, in equal shares; (iii) parents, in equal shares; […]