(a) A participant shall designate on the participation agreement form a beneficiary or beneficiaries, who shall receive the participant’s benefits in the event of the participant’s death. In the event a beneficiary has not been designated or the designation is ineffective, the participant’s estate shall become property of the participant’s heirs.

(b) Upon the participant’s death, a beneficiary shall have all the rights of the participant, except as limited by regulations governing Section 457 of the Internal Revenue Code, 26 U.S.C. § 457.

History: Rule 11-87, eff 17 Jun87.