1. (a) Effective Date. This Section shall be effective for Participant deaths prior to January 1, 2022.
2. (b) Payment to beneficiary. If the Participant dies prior to receiving Plan benefits, or the Participant dies while benefits are being paid to the Participant under the Plan and before such benefits have been exhausted, the benefits payable under this Plan shall be paid to the designated Beneficiary of the Participant in accordance with the distribution option selected by the Participant or the Beneficiary.

3. (c) Distribution method. Distributions must be made primarily for the benefit of the Participant (or former Participant). Therefore, distribution which begins prior to the death of a Participant must be in a form such that the total benefit amount will be paid over a period not to exceed the life expectancy of the Participant and a designated Beneficiary. Any amount not distributed to the Participant during their lifetime shall be distributed after the death of the Participant at least as rapidly as under the method of distribution used as of the date of their death. In addition, if the Participant dies prior to the commencement of distributions, the Participant's Account shall be distributed to the Beneficiary, commencing within one year of the Participant's death, over the life of such Beneficiary (or over a period not extending beyond the life expectancy of such Beneficiary) but not to exceed fifteen (15) years; provided however if such Beneficiary is the surviving spouse of the Participant, then

   1. (1) such distributions shall, in all events, commence no later than December 31 of the calendar year in which the Participant would have attained the applicable age as permitted by the federal Internal Revenue Code Section 401(a)(9)(C)(v), and
   2. (2) benefits payable to such spouse shall be completed during a period not in excess of such spouse's life expectancy. Life expectancies will not be recalculated annually.

Added at 32 Ok Reg 2179, eff 9-11-15

Amended at 38 Ok Reg 2465, eff 9-11-21

Amended at 39 Ok Reg 2085, eff 9-11-22

Amended at 42 Ok Reg, Number 20, effective 7-11-25