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 change a Beneficiary on an Account in accordance with the requirements contained in Tenn. Comp. R & Regs. 1700-05-04-.05(2) and
(4). A Purchaser may request a one-time change of the Beneficiary on the Matching contribution account to a new Beneficiary meeting the residency,
age, and familial requirements contained in Rule 1700-05-03-.02, unless the new Beneficiary already has an existing Matching contribution account. A
Purchaser may change the Beneficiary on a Matching contribution account by submitting a request for a change to the Board on a form prescribed by the
Board. The new Beneficiary on a Matching contribution account will receive the Matching contributions that were in a previous Beneficiary's
name.
(5) A Purchaser may not remove his or her name from a Matching contribution account and substitute
it with another Purchaser's name; however, a Purchaser's name may be removed from a Matching contribution account upon the Purchaser's death,
divorce, or Permanent disability.
Notes
Authority: Chapter 359 of the 2013 Public Acts codified in T.C.A. §§ 49-7-805, 49-7-808(d), and 65-5-113(c).
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(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
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).