4.1438 Selection of payment options.

Cite as [A.S.A.C. § 4.1438 ]

(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 30 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 4.1439.

History: Rule 11-87, eff 17 Jun 87.