24 CAR § 10-818. Survivors — Lump-sum death benefit — Distribution, waiver, and assignment

(a) A designated beneficiary shall submit the following forms and documents to the Arkansas Teacher Retirement System before a lump-sum death benefit payment is issued to the designated beneficiary: (1) A written application on a form approved by the system; and (2) The qualifying member’s death certificate or other acceptable proof of the qualifying member’s death. (b) A lump-sum death benefit payment shall be made within a reasonable time to a qualifying member’s designated beneficiary after the death of the qualifying member. (c)(1) A designated beneficiary of a lump-sum death benefit may waive his or her right to receiving a payment of the lump-sum death benefit by submitting a waiver of his or her right to the lump-sum death benefit on a form that is acceptable to the system. (2) If a designated beneficiary waives his or her right to the payment of a lump-sum death benefit, the system shall pay all or the balance of the lump-sum death benefit, whichever is applicable, to any other remaining designated beneficiaries. (d) A designated beneficiary shall not assign his or her right to a payment of a lump-sum death benefit to another person or entity.