21 CRR-NY 5013.2NY-CRR
21 CRR-NY 5013.2
21 CRR-NY 5013.2
5013.2 Testamentary trust as beneficiary.
The designation of a trustee(s) of a testamentary trust as beneficiary to receive the return of the accumulated contributions in a lump sum, a lump sum death benefit including take-home-pay reserve, if any, the lump sum option pursuant to section 5014.2(a) of this Title, the commuted value of a five- or ten-year guarantee option pursuant to section 5014.2(b) of this Title, or a lump sum alternative option pursuant to section 5014.2(c) of this Title shall be proper if the following conditions are met:
(a) The designation must be on a form supplied by the system.
(b) The trustee to whom a benefit may become payable must be a person or corporation, and must be definitely ascertainable from the will.
(c) The form which the designation must take is substantially as follows:
“Trustee(s) of the testamentary trust established by my last will.”
(d) The will under which the trust is established must be the member's or beneficiary's will.
(e) The system must be furnished, at or before the time a benefit becomes payable, with a certified copy of the letters of trusteeship or other evidence which, in the system’s sole judgment, establishes the authority of the trustee(s) to receive payment.
21 CRR-NY 5013.2
Current through June 30, 2021
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