20 NCAC 02B .0303          CONTINGENT BENEFICIARY

A principal beneficiary may be named with the stipulation that should he predecease the member, payment of the amount due, if any, will be made to a designated contingent beneficiary.  It is permissible to name more than one contingent beneficiary.  In the event of the death of any so named, those surviving shall share equally in the total benefits.  If more than one principal beneficiary is named, the naming of a contingent beneficiary or beneficiaries will not be permitted.

 

History Note:        Authority G.S. 135‑5(g); 135‑6(f);

Eff. February 1, 1976;

Readopted Eff. September 21, 1977.