Example ContractsClausesbeneficiary designation; changeVariants
Beneficiary Designation; Change
Beneficiary Designation; Change contract clause examples

Notwithstanding the foregoing, no designation of a Beneficiary other than the Participant’s spouse (including any change or revocation of a prior designation that has the effect of designating a Beneficiary other than such spouse) shall be valid unless consented to in writing by such spouse; provided, however, that the Committee may in its sole discretion waive the requirement of spousal consent if the Participant is legally separated, if the Committee is satisfied that the spouse cannot be located, or the Committee has been provided with a court order showing that the Participant was abandoned by the spouse.

If the Participant is married at the date of the Participant’s death, the Beneficiary shall be the Participant’s surviving Spouse unless the Spouse has consented in writing to the designation of another Beneficiary, which designation may not be changed without consent of the Spouse unless the voluntary consent of the Spouse # expressly permits designations by the Participant without any requirement of further consent by the Spouse and # acknowledges that the Spouse has the right to limit the consent to a specific Beneficiary. Such written consent must acknowledge the effect of the Participant’s Beneficiary selection and must be witnessed by a Plan representative or a notary public. Spousal consent is not required if it is established to the satisfaction of the Committee that the consent may not be obtained because the Spouse cannot be located or because of such other circumstances as may be prescribed by regulations. Any consent by a Spouse (or establishment that the consent of the Spouse may not be obtained) shall be effective only with respect to that Spouse.

The Participant's spouse may waive the right to be the Participant's sole Beneficiary and consent to the Beneficiary designation made by the Participant. The waiver must be in writing and the spouse must acknowledge the effect of the waiver. The spouse's waiver must be witnessed by a Plan representative or a notary public. The Beneficiary designated by the Participant may not be changed without the spouse's consent, unless the consent of the spouse permits designation of Beneficiaries by the Participant without any requirement of further consent by the spouse. The Participant may file a waiver without the spouse's consent if it is established to the satisfaction of the Committee that such written consent may not be obtained because there is no spouse or the spouse may not be located. Any consent under this Section 6.3(b) will be valid only with respect to the spouse who signs the consent. Additionally, a revocation of a prior spousal waiver may be made by a Participant without the consent of the spouse at any time before the distribution of the Account. The number of revocations shall not be limited.

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