Common use of Default Beneficiary Clause in Contracts

Default Beneficiary. The following special rules apply if: (i) the Employer Plan allows a Participant to designate a Beneficiary for his or her Account in accordance with the Custodian’s account agreement rather than in accordance with the Employer’s Plan; and (ii) Participant has not designated a beneficiary at the Employer Plan level and/or the Employer

Default Beneficiary. The following special rules apply if: (i) the Employer Plan allows a Participant to designate a Beneficiary for his or his/her Account in accordance with the Custodian’s account agreement rather than in accordance with the Employer’s Plan; and (ii) Participant has not designated a beneficiary at the Employer Plan level and/or the EmployerEmployer Plan does not otherwise provide default beneficiary provisions for the Account that are different than the Custodian’s default beneficiary provisions described below.