Oregon Administrative Rules
Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM
Division 50 - DEFERRED COMPENSATION
Section 459-050-0065 - Beneficiary Predeceases or Disclaims Benefit

(1) Beneficiary predeceases or disclaims benefit. If one or more designated beneficiaries predecease the participant, alternate payee, or surviving beneficiary who made the designation as provided in OAR 459-050-0060, or if a designated beneficiary files a disclaimer as provided in section (2) of this rule, the beneficiary's interest in the respective account will be distributed to any remaining surviving beneficiaries or contingent beneficiaries in proportion to each remaining beneficiary's interest as defined by the deceased participant's, alternate payee's, or surviving beneficiary's most recent designation of beneficiary on file with the Deferred Compensation Program.

(2) Disclaiming beneficiary payment. If the Deferred Compensation Program receives written evidence to its satisfaction that a designated beneficiary has made a legally valid disclaimer, the benefit will be distributed as though the beneficiary died before the deceased participant, alternate payee, or surviving beneficiary. A disclaimer will be deemed valid if it complies with Oregon law and is an irrevocable and unqualified refusal by a beneficiary to accept any payment from the Deferred Compensation Program. However, a disclaimer is not effective until staff has received and reviewed it, and determined that the following conditions are satisfied: