Sec. 45a-347. (Formerly Sec. 45-203c). Beneficiary designation exempt from laws governing transfer by will. - Connecticut Statutes

      Sec. 45a-347. (Formerly Sec. 45-203c). Beneficiary designation exempt from laws governing transfer by will. The designation in accordance with the terms of (1) an insurance, annuity or endowment contract, or of any agreement issued or entered into by an insurance company in connection therewith, supplemental thereto or in settlement thereof, or (2) any thrift plan, savings plan, pension plan, profit-sharing plan, death benefit plan, stock bonus plan, employee stock ownership plan, retirement plan including a self-employed retirement plan, qualified cash or deferred arrangement which is part of a profit-sharing plan or stock bonus plan, individual retirement account, annuity or bond or simplified employee pension plan, of any person to be a beneficiary or owner of any right, title or interest thereunder upon the death of another, shall not be subject to any statute or law governing the transfer of property by will, even though such designation is revocable by the person who made it, or the rights of such beneficiary or owner are otherwise subject to defeasance.

      (1955, S. 2931d; P.A. 80-476, S. 262; P.A. 89-202, S. 7.)

      History: P.A. 80-476 deleted provisions specifying that provisions apply to designations made before or after July 8, 1955, by persons dying on or after that date; Sec. 45-194 transferred to Sec. 45-203c in 1981; P.A. 89-202 divided section into Subsecs., adding references to thrift plan, savings plan, employee stock ownership plan, retirement plan, including a self-employed retirement plan, qualified cash or deferred arrangement which is part of a profit-sharing plan or stock bonus plan, individual retirement account, annuity or bond or simplified employee pension plan; Sec. 45-203c transferred to Sec. 45a-347 in 1991.