Common use of BENEFICIARY CONTINUATION OPTION Clause in Contracts

BENEFICIARY CONTINUATION OPTION. This section will apply only if the Participant dies before the Annuity Commencement Date, and the Beneficiary named under the "Beneficiary" section of this Contract is an individual. With the exception of the following paragraph, this section does not apply to any Beneficiary that is not an individual and the non-individual Beneficiary's portion of the death benefit is payable to such non-individual Beneficiary. This Section applies to a non-individual Beneficiary only if it is a "see through trust". A see through trust is an irrevocable trust, valid under state law, the only beneficiaries of which are individuals, and which trust has met applicable documentation requirements under applicable Regulations as we may determine. If such a "see-through trust" described in Treasury Regulation Section 1.40(a)(9)-4 Q&A, or any successor Regulation, is the Beneficiary named pursuant to the "Beneficiary" section of the Contract, the successor Participant is the oldest Beneficiary of such trust.