(A) (1) If, prior to receiving all benefits to which he or she is entitled a participant dies, his or her remaining benefits hereunder shall be paid to such person or persons as may be designated by the participant in an instrument in writing, and in a form acceptable to the Committee, executed by such participant and delivered to the Committee during his or her lifetime, which designation may be revoked or modified by such participant, from time to time, by an instrument in writing in a form acceptable to the Committee, executed by the participant and delivered to the Committee during his or her lifetime.
(2) No such designation of a beneficiary shall be effective in the case of a participant who is survived by his or her spouse unless:
(a) The participant’s designated beneficiary is the participant’s surviving spouse; or
(b) The participant’s designation of another individual or individuals as beneficiary or beneficiaries has been consented to, in writing, by the participant’s surviving spouse, and such consent acknowledges the effect of the designation and is notarized, or the participant establishes to the satisfaction of the Committee that such consent cannot be obtained because his or her spouse cannot be located, or because of such other acceptable circumstances as the Secretary of the Treasury may by regulations prescribe and the Committee may approve.
(B) If no such designation is in effect at the time of a participant’s death, or if no such designated beneficiary is then living, the remaining amount distributable hereunder shall be paid in a lump sum to the surviving spouse of the participant or in the event there is no surviving spouse, to such participant’s children, per stirpes, or in the event none of the above survive the participant, to the estate of such participant.
(Ord. MET 86-13, passed 5-30-1986)