Common use of Participant Elections and Beneficiary Designations Clause in Contracts

Participant Elections and Beneficiary Designations. Prior to the Effective Time, each participant in an Allegion Benefit Plan shall execute such elections and beneficiary designations as are promulgated by the administrator of each Allegion Benefit Plan. Notwithstanding the foregoing, if and to the extent an Allegion Benefit Plan participant has failed to execute and file an updated election and/or designation, the participant elections and beneficiary designations made under any corresponding IR Benefit Plan prior to the Effective Time with respect to which Assets or Liabilities are transferred or allocated to Allegion Benefit Plans in accordance with this Agreement shall continue in effect under the applicable Allegion Benefit Plan, including deferral, investment and payment form elections, dividend elections, coverage options and levels, beneficiary designations and the rights of alternate payees under qualified domestic relations orders, in each case, to the extent allowed by applicable Law.