North Carolina Administrative Code
Title 20 - STATE TREASURER
Chapter 02 - RETIREMENT SYSTEMS
Subchapter C - LOCAL GOVERNMENTAL EMPLOYEES' RETIREMENT SYSTEM
Section .0300 - BENEFICIARIES
Section 02C .0307 - CONTINGENT BENEFICIARY
Universal Citation: 20 NC Admin Code 02C .0307
Current through Register Vol. 39, No. 6, September 16, 2024
(a) The following shall apply to designating a contingent beneficiary for the return of accumulated contributions under the provisions of G.S. 128-27(f):
(1) A principal beneficiary may be designated
for the return of accumulated contributions with the stipulation that should
the principal beneficiary predecease the member, payment of the amount due, if
any, shall be made to the designated contingent beneficiary or beneficiaries
for the return of accumulated contributions.
(2) If more than one principal beneficiary is
designated for the return of accumulated contributions, payment of the amount
due, if any, shall be paid to any surviving principal beneficiaries designated
for the return of accumulated contributions, sharing equally in the total
benefits payable, and shall not be paid to any contingent
beneficiary.
(3) It is permissible
to designate more than one contingent beneficiary for the return of accumulated
contributions. Payment of the amount due, if any, shall be paid to the
surviving contingent beneficiaries designated for the return of accumulated
contributions, sharing equally in the total benefits, only in the event that
there is no surviving principal beneficiary designated for the return of
accumulated contributions.
(b) The following shall apply to designating a contingent beneficiary for the death benefit under the provisions of G.S. 128-27(l), 128-27(l1), or 128-27(l6):
(1) A principal beneficiary may be designated
for the death benefit of an active member or retired member with the
stipulation that should the principal beneficiary predecease the member,
payment of the amount due, if any, shall be made to the designated contingent
beneficiary or beneficiaries for the death benefit.
(2) If more than one principal beneficiary is
designated for the death benefit, payment of the amount due, if any, shall be
paid to any surviving principal beneficiaries designated for the death benefit,
sharing equally in the total benefits payable, and shall not be paid to any
contingent beneficiary.
(3) It is
permissible to designate more than one contingent beneficiary for the death
benefit. Payment of the amount due, if any, shall be paid to the surviving
contingent beneficiaries designated for the death benefit, sharing equally in
the total benefits, only in the event that there is no surviving principal
beneficiary designated for the death benefit.
(c) The following shall apply to designating a contingent beneficiary for the guaranteed refund under the provisions of G.S. 128-27(g1):
(1) A principal beneficiary may be designated
for the guaranteed refund with the stipulation that should the principal
beneficiary predecease the member, payment of the amount due, if any, shall be
made to the designated contingent beneficiary or beneficiaries for the
guaranteed refund.
(2) If more than
one principal beneficiary is designated for the guaranteed refund, payment of
the amount due, if any, shall be paid to any surviving principal beneficiaries
designated for the guaranteed refund, sharing equally in the total benefits
payable, and shall not be paid to any contingent beneficiary.
(3) It is permissible to designate more than
one contingent beneficiary for the guaranteed refund. Payment of the amount
due, if any, shall be paid to the surviving contingent beneficiaries designated
for the guaranteed refund, sharing equally in the total benefits, only in the
event that there is no surviving principal beneficiary designated for the
guaranteed refund.
Authority
G.S.
128-27(f);
128-27(g1);
128-27(l);
128-27(l1);
128-27(l6);
128-28(g);
Eff. March 1, 2023.
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