If the alternate payee dies prior to receiving any payment of his or her interest in the member’s benefit under a qualified domestic relations order, such interest reverts to the member. If the alternate payee dies after commencement of payments of his or her interest, then the alternate payee’s beneficiary is entitled to the balance of the payee’s interest under the payment option provided by the order or selected by the payee, except a joint and survivor annuity option with the alternate payee and alternate payee’s spouse.

Terms Used In Nebraska Statutes 42-1106

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • 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
  • Domestic: when applied to corporations shall mean all those created by authority of this state. See Nebraska Statutes 49-801
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