Common use of Naming and Changing Beneficiaries Clause in Contracts

Naming and Changing Beneficiaries. You will name the Beneficiary for an Account in the Enrollment Form. You can change the Beneficiary at any time, subject to federal and state law. In order to avoid certain adverse tax consequences, a new Beneficiary must be a “Member of the Family” of the replaced Beneficiary, as that term is defined under Section 529 of the Internal Revenue Code of 1986, as amended, or any other corresponding provision of future law (the “Code”). The designation of the new Beneficiary will be effective upon receipt of the appropriate form, properly completed and submitted.

Naming and Changing Beneficiaries. You will name the Beneficiary for an Account in the Enrollment Form. You can change the Beneficiary at any time, subject to limitations imposed by federal and state law. In order to To avoid certain adverse income tax consequences, a the new Beneficiary must be a “Member of the Family” of the replaced former Beneficiary, as that term is defined under Section 529 529(e)(2) of the Internal Revenue Code of 1986, as amended, or any other corresponding provision of future law (the “Code”). The designation of the new Beneficiary will be effective upon receipt of the appropriate form, properly completed and submittedcompleted.

Naming and Changing Beneficiaries. You will name the Beneficiary for an Account in the Enrollment Form. You can change the Beneficiary at any time, subject to limitations imposed by federal and state law. In order to To avoid certain adverse income tax consequences, a the new Beneficiary must be a “Member of the Family” of the replaced former Beneficiary, as that term is defined under Section 529 of the Internal Revenue Code of 1986, as amended, or any other corresponding provision of future law (the “Code”529(e). The designation of the new Beneficiary will be effective upon receipt of the appropriate form, properly completed and submitted.