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- Alaska Statutes.
- Title 14. Education, Libraries, and Museums
- Chapter 25. Teachers' Retirement
- Section 450. Designation of Beneficiary.
previous: Section 440
. Distribution Requirements.
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. Rights Under Qualified Domestic Relations Order.
AS 14.25.450. Designation of Beneficiary.
- (a) Each participant shall have the right to designate a beneficiary and shall have the right, at any time, to
revoke the designation or to substitute another beneficiary, subject to the following limitation: if a married member elects a nonspouse
beneficiary, the value of the benefit payable to the beneficiary may not exceed 50 percent of the member's portion of the account balance,
and the member's spouse shall automatically be considered the beneficiary for the remaining 50 percent of the account balance, unless
the spouse consents to the beneficiary designation in a writing that is notarized or witnessed by the administrator. If the spouse
consents in this manner, a married member may designate a nonspouse beneficiary for the entire benefit or any portion of the benefit as
part of an available form of payment contained in this plan,
- (1) except to the extent a qualified domestic relations order filed with the administrator provides for payment
to a former spouse or other dependent of the member; or
- (2) unless the member filed a revocation of beneficiary accompanied by a written consent to the revocation from
the present spouse and each person entitled under the order; however, consent of the present spouse is not required if the member and
the present spouse had been married for less than one year on the date of the member's death and if the member established when filing
the revocation that the member and the present spouse were not cohabiting.
- (b) Except as provided in (a) of this section, the member may change or revoke the designation without notice to
the beneficiary or beneficiaries at any time. If a member designates more than one beneficiary, each shares equally unless the member
specifies a different allocation or preference. The designation of a beneficiary, a change or revocation of a beneficiary, and a consent
to revocation of a beneficiary shall be made on a form provided by the administrator and is not effective until filed with the
- (c) If a member fails to designate a beneficiary, or if no designated beneficiary survives the member, the death
benefit shall be paid
- (1) to the surviving spouse or, if there is none surviving;
- (2) to the surviving children of the member in equal parts or, if there are none surviving;
- (3) to the surviving parents in equal parts or, if there are none surviving;
- (4) to the estate.
- (d) A person claiming entitlement to benefits payable under AS 14.25.310 - 14.25.590 as a consequence of a
member's death shall provide the administrator with a marriage certificate, divorce or dissolution judgment, or other evidence of
entitlement. Documents establishing entitlement may be filed with the administrator immediately after a change in the member's marital
status. If the administrator does not receive notification of a claim before the date 10 days after the member's death, the person
claiming entitlement is not entitled to receive from the division of retirement and benefits any benefit already paid by the
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