(A) The employer and the Plan Administrator and the issuer and the agent (a “payor”) is not liable for having made a payment under an unclear beneficiary designation or participation agreement to a person not entitled to the payment, or for having taken or omitted any other action in good faith reliance on a person’s apparent entitlement under the plan, before the payor actually received written notice of a claimed lack of entitlement under this plan.
(B) Any payor of any distribution is not liable for having made a payment or having transferred an item of property to a beneficiary designated in a beneficiary designation (or in a similar writing reasonably believed to constitute a beneficiary designation) who is not entitled to the distribution, or for having taken any other action in good faith reliance on the beneficiary’s apparent entitlement under the terms of the beneficiary designation before the payor received written actual notice alleging the beneficiary was not entitled to the distribution.
(Ord. NIRC 97-1, passed 1-15-1997)