169.715. Successor beneficiary may be nominated by person receiving reduced allowance, when, procedure. - Missouri Statutes

Successor beneficiary may be nominated by person receiving reducedallowance, when, procedure.

169.715. 1. Any person receiving a retirement allowanceunder sections 169.600 to 169.712, and who elected a reducedretirement allowance under subsection 4 of section 169.670 withhis spouse as the nominated beneficiary, may nominate a successorbeneficiary under either of the following circumstances:

(1) If the nominated beneficiary precedes the retiredperson in death, the retired person may, upon remarriage,nominate the new spouse under the same option elected in theapplication for retirement;

(2) If the marriage of the retired person and the nominatedbeneficiary is dissolved, and if the dissolution decree providesfor sole retention by the retired person of all rights in theretirement allowance, the retired person may, upon remarriage,nominate the new spouse under the same option elected in theapplication for retirement.

2. Any nomination of a successor beneficiary undersubdivision (1) or (2) of subsection 1 of this section must bemade in accordance with procedures established by the board oftrustees, and must be filed within ninety days of May 6, 1993, orwithin ninety days of the remarriage, whichever later occurs.Upon receipt of a successor nomination filed in accordance withthose procedures, the board shall adjust the retirement allowanceto reflect actuarial considerations of that nomination as well asprevious beneficiary and successor beneficiary nominations.

(L. 1993 H.B. 496 § 2)

Effective 5-6-93