Common use of Distributions to Beneficiaries Clause in Contracts

Distributions to Beneficiaries. Following the death of the Participant, the balance of the Participant’s Custodial Account shall be distributed to the Participant’s designated beneficiary or beneficiaries, if any, in accordance with the provisions of Article V of the Plan and in accordance with the Custodian’s administrative or operational requirements and regular business practices. A Participant may designate a beneficiary or beneficiaries of the Custodial Account at any time, and any such designation may be changed or revoked at any time, by written designation signed 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 by the Custodian and only if such receipt shall be during the Participant’s lifetime. The latest such designation, change, or revocation shall control. If there is no beneficiary designation on file with the Custodian, or if the designated beneficiary has not survived the Participant, the Custodian shall distribute the Custodial Account to the survivors of the Participant in the following order of preference:

Distributions to Beneficiaries. Following the death of the Participant, the balance of the Participant’s Custodial Account shall be distributed to the Participant’s designated beneficiary Beneficiary or beneficiariesBeneficiaries, if any, in accordance with the provisions of Article V of the Plan and in accordance with the Custodian’s administrative or operational requirements and regular business practices. A Participant may designate a beneficiary Beneficiary or beneficiaries Beneficiaries of the Custodial Account at any time, and any such designation may be changed or revoked at any time, by written designation signed 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 by the Custodian and only if such receipt shall be during the Participant’s lifetime. The latest such designation, change, or revocation shall control. If there is no beneficiary Beneficiary designation on file with the Custodian, or if the designated beneficiary Beneficiary has not survived the Participant, the Custodian shall distribute the Custodial Account to the survivors of the Participant in the following order of preference: