145-1-64. Death of designated beneficiary

(A) This rule applies to a beneficiary designation in which two or more persons are designated as beneficiaries under section 145.384, 145.43, or 145.65 of the Revised Code, section 13.02 of the combined plan document, or section 11.02 of the member-directed plan document.

(B) The death of a designated beneficiary prior to the death of a contributor shall cancel only the designation of the deceased beneficiary. The percentage of the lump sum payment that would have been paid to the deceased beneficiary shall be apportioned equally to the contributor's remaining designated beneficiaries.

Replaces: 4/6/07(Emer.)

Five Year Review (FYR) Dates: 9/30/2020 and 09/30/2025
Promulgated Under: 111.15
Statutory Authority: 145.09
Rule Amplifies: 145.384, 145.43, 145.65
Prior Effective Dates: 04/06/2007 (Emer.), 07/01/2007

Prior History: (Five Year Review (FYR) Dates: 09/29/2015 and 09/29/2020
Promulgated Under: 111.15
Statutory Authority: 145.09
Rule Amplifies: 145.384, 145.43, 145.65
Prior Effective Dates: 4/6/07 (Emer.), 7/1/07)