Haw. Code R. § 14-44-25 - Selection of payment options
(a) The payment of
benefits under the plan shall be made primarily for the benefit of the
participant.
(b) A method for
payment of benefits shall be designated on the distribution request form from
among the options available under the applicable investment product contracts,
which may include:
(1) Fixed payments over a
period of time;
(2) Annuity
payments; and
(3) Lump sum
payment.
(c) The
designation of the method for payment of benefits is irrevocable, unless
modified at least thirty days prior to the date benefits are to
commence.
(d) In the absence of a
designation within the prescribed time, benefits shall be paid in accordance
with section
14-44-26.
Notes
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