Agmt97 Public Employees Retirement System

Browse Search

provided, however, that no change in the amount of a Partici- pant ' s Deferrals will become effective until the calendar month following the month in which the Deferral Agreement is amended. 3 . 5 Investment Options : Upon enrollment, the Participant shall designate the Investment Option or Investment Options to which his or her Deferrals are to be allocated. A Participant may thereafter re-allocate his or her Account balance among the available Investment Options . The minimum amounts or percentages that may be allocated among Investment Options, and the timing and frequency of re-allocations, shall. be, subject to such limitations and procedures as the Board may from time to time establish. 3 . 6 Beneficiary Designation: Upon enrollment, the Participant shall designate a Beneficiary to receive distributions from the Participant ' s Account in the event of the Participant ' s death. A Participant may change his or her designated Beneficiary at any time, provided that an amended Beneficiary designation shall be given effect only if it is signed by the Participant and delivered to a Plan representative (or post-marked for delivery) prior to the Participant ' s death. A Participant may designate any person or persons as Beneficiaries . Unless otherwise provided in the Beneficiary designation form, each designated Beneficiary shall be entitled to equal shares of the benefits payable after the Participant' s death. If the Participant fails to designate a Beneficiary, or if no designated Beneficiary survives the Participant for a period of fifteen (15) days, then the estate of the Participant shall be the Beneficiary. Notwithstanding the foregoing, a Participant ' s Beneficiary designation shall not be given effect and shall be overridden to the extent that such a designation would impair the rights of any surviving spouse under applicable law.