49-11-619 - Permanent relinquishment of benefit -- Procedure.
49-11-619. Permanent relinquishment of benefit -- Procedure.
(1) (a) Except for defined contribution plans authorized by this title, a member, retiree, orbeneficiary may permanently relinquish a benefit under this title by signing an irrevocable writtenrelinquishment.
(b) If the retiree has designated a beneficiary which is still living, the writtenrelinquishment must be signed by both the retiree and the beneficiary.
(2) The value of the benefit permanently relinquished under Subsection (1) shall remainin the fund from which the benefit was relinquished and shall be used in the calculation of futurecontribution rates.
(3) A designated beneficiary may disclaim beneficiary status and the benefit shall then bepayable first to any alternate designated beneficiary, then dispersed under Title 75, Chapter 2,Intestate Succession and Wills, as applicable.
(4) The office is not required to recognize or accept any written relinquishment thatjeopardizes the tax qualified status of the systems, plans, or programs or otherwise violatesfederal law.
Amended by Chapter 252, 2008 General Session