Tenn. Comp. R. & Regs. 1700-05-03-.06 - PURCHASERS AND BENEFICIARIES

(1) A Purchaser may only have one (1) Beneficiary on each Account.

(2) A Purchaser may not have more than one (1) Account in the same Beneficiary's name.

(3) A Beneficiary who has been designated as a Beneficiary on more than one (1) Account by two (2) or more different Purchasers shall only be eligible for one (1) Matching Contribution during each Qualifying period and shall not be eligible to receive another Beneficiary's Matching contributions through a change in Beneficiary.

(4) A Purchaser may request that the Beneficiary for the Purchaser's account be changed. A Purchaser may only change the Beneficiary on his or her account or accounts one (1) time. A Purchaser may change a beneficiary on an Account or Accounts by submitting the request for a change to the Board on a form prescribed by the Board. The new Beneficiary on an Account or Accounts will receive the Purchaser contributions and the Matching contributions from the accounts that were in a previous Beneficiary's name, unless the new Beneficiary already has an existing account with another Purchaser.

(5) A Purchaser may not remove his or her name from an Account and substitute it with another Purchaser's name; however, a Purchaser's name may be removed from an Account upon the Purchaser's death, divorce or Permanent disability.

Notes

Tenn. Comp. R. & Regs. 1700-05-03-.06

Original rule filed October 1, 2010; effective March 31, 2011. Repeal and new rule filed April 11, 2014; effective 9/28/2014.

Authority: Chapter 359 of the 2013 Public Acts codified in T.C.A. § 49-7-808(d), § 49-7-805 and § 65-5-113(c).