Colorado § 24-51-1742 Election by designated beneficiary

Colorado Statutes

§ 24-51-1742 — Election by designated beneficiary

Colorado·Title 24 Government·Art. Public Employees' Retirement Association

If the deceased member
had designated a beneficiary, other than the member's estate, to receive the refund
of the accumulated contribution balance, no survivor's benefits shall be subject to
claim under sections 24-51-1736 to 24-51-1746 unless such designated beneficiary
or beneficiaries then entitled to receive such refund, by written notification
delivered within such time and in such form as prescribed, shall elect, in lieu of
receiving such refund, to have the provisions of sections 24-51-1736 to 24-51-1746
applied. If there is more than one designated beneficiary then entitled to receive
such refund, such election must be joined in by all of them. If the deceased member
had designated the estate as such beneficiary or if by operation of law the estate
shall be entitled to su

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If the deceased member
had designated a beneficiary, other than the member's estate, to receive the refund
of the accumulated contribution balance, no survivor's benefits shall be subject to
claim under sections 24-51-1736 to 24-51-1746 unless such designated beneficiary
or beneficiaries then entitled to receive such refund, by written notification
delivered within such time and in such form as prescribed, shall elect, in lieu of
receiving such refund, to have the provisions of sections 24-51-1736 to 24-51-1746
applied. If there is more than one designated beneficiary then entitled to receive
such refund, such election must be joined in by all of them. If the deceased member
had designated the estate as such beneficiary or if by operation of law the estate
shall be entitled to such refund, then such election may be made by the duly
appointed personal representative of the estate of such deceased member in like
time and in like manner as may be prescribed by the board by general rule as
specified in this section. If, however, such deceased member was qualified for
retirement under the terms and conditions of sections 24-51-1713 and 24-51-1714,
the designated beneficiary or beneficiaries so entitled to refund or benefits under
sections 24-51-1736 to 24-51-1746, may elect, in lieu of such benefits, to allow
benefits to be paid under either option B or option P3 subject to the applicable
sections thereof providing for superannuation retirement. Such election shall be
made within such time and in such form as the board may prescribe and shall
become effective as of the day after the date of the member's death. If there is
more than one designated beneficiary entitled to receive such benefits, such
election must be joined in by all of them.