Michigan Laws 38.1077 – Refund beneficiary; nomination
Current as of: 2024 | Check for updates
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Terms Used In Michigan Laws 38.1077
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
A qualified participant or former qualified participant may nominate 1 or more individuals as a refund beneficiary by filing written notice of nomination with the state treasurer. If the qualified participant or former qualified participant is married at the time of the nomination and the participant’s spouse is not the refund beneficiary for 100% of the account, the nomination is not effective unless the nomination is signed by the participant’s spouse. However, the state treasurer may waive this requirement if the spouse’s signature cannot be obtained because of extenuating circumstances.