Lump Sum Beneficiary

Example Definitions of "Lump Sum Beneficiary"
Lump Sum Beneficiary. The natural person the Participant designates on a written form acceptable to the Company, in its discretion, provided that if a Participant has a DOMA Spouse on the date of such designation and designates a Lump Sum Beneficiary who is not the Participant's DOMA Spouse, that DOMA Spouse must have provided consent to such designation in accordance with the consent requirements set forth under paragraph 5(a)(i). If a Participant has not designated a Lump Sum Beneficiary in accordance with the... preceding sentence, the Participant's Lump Sum Beneficiary shall be his or her Spouse on the Participant's date of death or, if there is no such Spouse, the Participant's estate. If the Participant has obtained the consent of the individual who is his or her DOMA Spouse on the date the applicable Lump Sum Beneficiary is designated, the Participant will not be required to obtain the consent of any later Spouse for the prior designation of the Lump Sum Beneficiary. Notwithstanding any provision of the Plan to the contrary, if the Participant has designated his or her Spouse as a Lump Sum Beneficiary, that designation shall terminate and be of no further force and effect as of the date the individual ceases to be the Spouse of the Participant as result of divorce, dissolution, or other legal termination of the relationship View More
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