Designation of Beneficiary; Priority; No Designation

8.07 - If a Participant does not have a Spouse, the Participant may designate a Beneficiary by filing a signed designation in the form approved by the Trustees. The Participant may change or revoke the designation in the same manner by filing a new designation with the Trustees. The will of a Participant is not effective for this purpose.

If a Participant has a spouse, the Participant may not designate a Beneficiary other than his or her Spouse unless the Participant's Spouse consents in writing to, and acknowledges the effect of, the designation. The consent and acknowledgment must be witnessed by a Trustee, a Person designated by the Trustees for such purpose or a notary public, unless it is established that consent of a Spouse may not be obtained because the Spouse cannot be located. A Participant may not designate a different Beneficiary without a new consent by the Spouse. A Participant may designate the Spouse as a successor Beneficiary, without the Spouse's consent.

A Beneficiary designation by a Participant who has no Spouse will not be effective upon a subsequent marriage or spousal relationship unless the consent and acknowledgment of the Spouse is obtained. Consent by a Participant's Spouse shall be irrevocable. A consent and acknowledgment will be effective only with respect to the consenting Spouse and will not be effective with respect to a subsequent Spouse.

The Trustees shall determine the proper individual or individuals to whom payment should be made hereunder, and the decision of the Trustees shall be final and binding on all Persons.

If distribution is being made to a Beneficiary who dies prior to complete distribution, the remaining amount of the benefit shall be paid to the successor Beneficiary determined hereunder. If distribution is being made to more than one Beneficiary, distribution shall continue to the survivor or survivors of them, and any remaining amount in the account upon the death of the last survivor shall be paid to the successor Beneficiary determined hereunder.

If no Beneficiary, as defined in Section 1.08, exists hereunder on the date a distribution is payable, the entire balance remaining to be distributed shall be paid to the estate of the Participant, if then under the active administration of a probate court, or if not, to those Persons who would then take the Participant's personal property under the applicable intestate laws then in force and in the proportions provided therein, as though the Participant had died at such time.