Iowa Code r. 781-20.11 - Substitution or change of beneficiary; balance transfer
Iowa Code section 12I.3(3) "a" provides that beneficiaries may be changed subject to the rules and regulations of the treasurer. This rule establishes the criteria for substituting one beneficiary for another. Beneficiary changes shall also be subject to the procedures set forth in the plan disclosure documents.
(1) The beneficiary must be the account
owner. At the time of the substitution, the substitute beneficiary must be an
eligible beneficiary pursuant to rule
781-20.5 (12I) and must be a
member of the family of the beneficiary being replaced.
(2) An account owner has the right to change
the beneficiary of an account. An account owner may request that a beneficiary
be substituted by submitting the appropriate form to the plan
administrator.
(3) All or a portion
of an account owner's account balance may be transferred to another account
within the plan but only during the life of the account owner. At the time of
the transfer, the transferee must be an eligible individual and a member of the
family of the transferor-account owner.
Notes
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