38-844.07. Designation of deferred retirement option plan beneficiaries
125 words·~1 min read·
/az/title-38/38-844-07A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. A member who elects to participate in the deferred retirement option plan shall designate a beneficiary. A member's beneficiary designation applies to all amounts in the member's deferred retirement option plan participation account.
B. If a designated beneficiary predeceases a deferred retirement option plan participant who dies before designating a new beneficiary, the beneficiary of the participant's deferred retirement option plan participation account shall be the following persons in the following order of priority:
1. The participant's surviving spouse.
2. The participant's natural or adopted children in equal shares.
3. The participant's estate.
C. A member shall not make a beneficiary designation pursuant to this section that results in an abrogation of a member's community property obligations under the applicable laws of this state.