8-36-125 - Disclaimer of benefits. - Tennessee Statutes

8-36-125. Disclaimer of benefits.

(a)  A person designated as the beneficiary to receive a death benefit under the provisions of chapters 34-37 of this title may disclaim the benefit upon the death of the member. Such disclaimer may be made by the person's trustee, guardian, conservator, or attorney-in-fact. If the disclaimer is made by such person's fiduciary, the disclaimer shall be binding on the beneficiary and on any successor fiduciary.

(b)  To be effective, the beneficiary must not have received any of the benefits, and the disclaimer must be in writing and filed with the division of retirement. Such writing shall:

     (1)  Indicate that the disclaimer is an irrevocable and unqualified refusal by the person to accept the benefit;

     (2)  Describe the amount of the benefit disclaimed; and

     (3)  Be signed by the person disclaiming or such person's representative.

(c)  If a disclaimer is made under the provisions of this section, the only benefit which shall be paid is a lump sum refund of the excess amount of the member's accumulated contributions over the sum of the retirement allowance payments received by the member, if any. That amount shall be paid in equal proportions among the surviving non-disclaiming beneficiaries, if any; otherwise, the amount shall be paid in accordance with § 8-36-120.

[Acts 1997, ch. 219, § 4; 2006, ch. 870, § 18.]