Common use of Beneficiary Distributions Clause in Contracts

Beneficiary Distributions. A Participant may designate a Beneficiary or Beneficiaries of the Account at any time and any such designation may be changed or revoked at any time, by written designation executed by the Participant in a form and manner prescribed by or acceptable to, and filed with, the Custodian. Such designation, change, or revocation shall be effective only upon receipt and acceptance by the Custodian and only if such receipt shall be during the Participant’s lifetime. The latest such accepted designation, change, or revocation shall control. A Beneficiary designation will NOT automatically be revoked or modified due to the Participant’s divorce, legal separation, annulment or other dissolution of marriage. Following the death of the Participant, the balance of the Participant’s Account shall be distributed to the Participant’s designated Beneficiary or Beneficiaries, if any, in accordance with the provisions of Article IV of the Agreement and in accordance with the Custodian’s administrative or operational requirements and regular business practices, which may change from time to time. The Participant may request additional information concerning the Beneficiary policies and procedures from the Financial Institution. If there is no primary Beneficiary living at the time of the Participant’s death, the balance of the Participant’s Account will be payable to the surviving contingent Beneficiary or Beneficiaries designated by the Participant. If there is no Beneficiary designation on file with the Custodian, or if no primary or contingent Beneficiaries survive the Participant, the Custodian shall distribute the Account in the following order of preference:

Beneficiary Distributions. A Participant may designate a Beneficiary or Beneficiaries of the Account at any time and any such designation may be changed or revoked at any time, by written designation executed by the Participant in a form and manner prescribed by or acceptable to, and filed with, the Custodian. Such designation, change, or revocation shall be effective only upon receipt and acceptance by the Custodian and only if such receipt shall be during the Participant’s lifetime. The latest such accepted designation, change, or revocation shall control. A Beneficiary designation will NOT automatically be revoked or modified due to the Participant’s divorce, legal separation, annulment or other dissolution of marriage. Following the death of the Participant, the balance of the Participant’s Account shall be distributed to the Participant’s designated Beneficiary or Beneficiaries, if any, in accordance with the provisions of Article IV V and Article IX of the Agreement and in accordance with the Custodian’s administrative or operational requirements and regular business practices, practices which may change from time to time. The Participant may request additional information concerning the Beneficiary policies and procedures from the Financial Institution. If there is no primary Beneficiary living at the time of the Participant’s death, the balance of the Participant’s Account will be payable to the surviving contingent Beneficiary or Beneficiaries designated by the Participant. If there is no Beneficiary designation on file with the Custodian, or if no primary or contingent Beneficiaries survive the Participant, the Custodian shall distribute the Account in the following order of preference:

Beneficiary Distributions. A Participant may designate a Beneficiary or Beneficiaries of the Account at any time and any such designation may be changed or revoked at any time, by written designation executed by the Participant in a form and manner prescribed by or acceptable to, and filed with, the Custodian. Such designation, change, or revocation shall be effective only upon receipt and acceptance by the Custodian and only if such receipt shall be during the Participant’s lifetime. The latest such accepted designation, change, or revocation shall control. A Beneficiary designation will NOT automatically be revoked or modified due to the Participant’s divorce, legal separation, annulment or other dissolution of marriage. Following the death of the Participant, the balance of the Participant’s Account shall be distributed to the Participant’s designated Beneficiary or Beneficiaries, if any, in accordance with the provisions of Article IV of the Agreement and in accordance with the Custodian’s administrative or operational requirements and regular business practices, practices which may change from time to time. The Participant may request additional information concerning the Beneficiary policies and procedures from the Financial Institution. If there is no primary Beneficiary living at the time of the Participant’s death, the balance of the Participant’s Account will be payable to the surviving contingent Beneficiary or Beneficiaries designated by the Participant. If there is no Beneficiary designation on file with the Custodian, or if no primary or contingent Beneficiaries survive the Participant, the Custodian shall distribute the Account in the following order of preference:

Beneficiary Distributions. A Participant may designate a Beneficiary or Beneficiaries of the Account at any time and any such designation may be changed or revoked at any time, by written designation executed by the Participant in a form and manner prescribed by or acceptable to, and filed with, the Custodian. Such designation, change, or revocation shall be effective etfective only upon receipt and acceptance by the Custodian and only if such receipt shall be during the Participant’s lifetime. The latest such accepted designation, change, or revocation shall control. A Beneficiary designation will NOT automatically be revoked or modified due to the Participant’s divorce, legal separation, annulment or other dissolution of marriage. Following the death of the Participant, the balance of the Participant’s Account shall be distributed to the Participant’s designated Beneficiary or Beneficiaries, if any, in accordance with the provisions of Article IV of the Agreement and in accordance with the Custodian’s administrative or operational requirements and regular business practices, which may change from time to time. The Participant may request additional information concerning the Beneficiary policies and procedures from the Financial Institution. If there is no primary Beneficiary living at the time of the Participant’s death, the balance of the Participant’s Account will be payable to the surviving contingent Beneficiary or Beneficiaries designated by the Participant. If there is no Beneficiary designation on file with the Custodian, or if no primary or contingent Beneficiaries survive the Participant, the Custodian shall distribute the Account in the following order of preference: