Texas Government Code 609.710 – Distribution
Current as of: 2024 | Check for updates
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Terms Used In Texas Government Code 609.710
- 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
A plan administrator shall develop and implement procedures for:
(1) the designation by a participating employee of a beneficiary to receive the employee’s deferred amounts and investment income after the employee’s death; and
(2) the distribution of a participating employee’s deferred amounts and investment income to the employee or the employee’s beneficiary, as appropriate, because of the employee’s death or termination of employment, a financial hardship, or another reason permissible under federal law.