Any beneficiary may renounce or disclaim all or any part of any deferred compensation by filing a written irrevocable disclaimer not later than 31 days before the distribution begins or any payment is otherwise to be made and before acceptance of any deferred compensation. An acceptance may be express or may be inferred from actions or facts and circumstances, including (but not limited to) those actions described in the Uniform Probate Code as establishing an inference of acceptance. In addition to any requirements under state law, the disclaimer is not effective unless the disclaimer describes the deferred compensation renounced, expressly declares the renunciation and the extent of it, expressly states the beneficiary’s belief upon reasonably diligent examination that no creditor of the beneficiary (or, if the beneficiary is an executor or trustee or guardian or other fiduciary, of any current or reasonably anticipated beneficiary of the estate or trustee or guardianship or other fiduciary relationship or entity) would be adversely affected by the disclaimer, expressly states that the disclaimer is irrevocable, is signed by the beneficiary, meets all requirements of I.R.C. § 2518 such that the disclaimer would be treated as effective for federal gift and estate tax purposes, and otherwise is made in a form that is acceptable to the Plan Administrator. Notwithstanding any state law that would permit otherwise, if the beneficiary is a minor or an incapacitated person, any disclaimer cannot have any effect regarding the plan until the court having jurisdiction of the minor’s or incapacitated person’s estate authorizes the disclaimer after finding that it is advisable and will not materially prejudice the rights of any interested person. Any deferred compensation disclaimed shall be payable as if the beneficiary who submitted the disclaimer died before the participant.
(Ord. NIRC 97-1, passed 1-15-1997)