§ 21-5-708 - Designated beneficiary. - Arkansas Statutes

21-5-708. Designated beneficiary.

(a) (1) A covered public employee may designate a beneficiary on a form provided by his or her employer.

(2) The form to designate a beneficiary shall be completed by the covered public employee, notarized, and submitted to his or her employer to be kept in the covered public employee's personnel file.

(3) (A) If a covered public employee designates a beneficiary, he or she shall review and resubmit the designation form annually.

(B) Upon a change of beneficiary, the employer shall notify the previous beneficiary within thirty (30) days after the change of beneficiary occurred.

(b) If the covered public employee does not designate a beneficiary, the benefits shall be paid to the surviving spouse or surviving children under the age of twenty-two (22) or, if there is no surviving spouse or surviving children under the age of twenty-two (22), then to the surviving children twenty-two (22) years of age or older or to the surviving parents.