You can elect any person or persons, or your estate as your designated beneficiary. However, if you have a spouse at the relevant time, any benefits which become payable on your death are paid to your spouse (unless he/she has previously waived his or her rights in writing). The payment of benefits to your spouse is not affected if you fail to designate him or her as a beneficiary.
Who qualifies as my spouse?
- The person who is cohabiting with you in a marriage-like relationship at the relevant time and has cohabited with you for at least one year; or
- If there is no person as described above, the person who is legally married to you.
To designate a beneficiary you must complete and deliver to the administrative agent the appropriate form, which is available from the Plan’s administrative agent. If you do not have a spouse and you do not designate a beneficiary, any benefits that become payable on your death will be paid to your estate.