A. A member who elects to participate in the deferred retirement option plan shall designate a beneficiary. A member’s beneficiary designation applies to all amounts in the member’s deferred retirement option plan participation account.

Terms Used In Arizona Laws 38-844.07

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Participant: means a member who is subject to a domestic relations order. See Arizona Laws 38-842
  • Property: includes both real and personal property. See Arizona Laws 1-215
  • State: means the state of Arizona, including any department, office, board, commission, agency or other instrumentality of this state. See Arizona Laws 38-842

B. If a designated beneficiary predeceases a deferred retirement option plan participant who dies before designating a new beneficiary, the beneficiary of the participant’s deferred retirement option plan participation account shall be the following persons in the following order of priority:

1. The participant’s surviving spouse.

2. The participant’s natural or adopted children in equal shares.

3. The participant’s estate.

C. A member shall not make a beneficiary designation pursuant to this section that results in an abrogation of a member’s community property obligations under the applicable laws of this state.

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