The Federal Retirement Thrift Investment Board has changed board death benefit regulations.
The board published the rule, “Uniformed Services Accounts and Death Benefits,” today in the Federal Register.
Some of the changes will make the beneficiary designation form for soldiers and other members of the uniformed services to be the same as the designation form for civilian federal workers, officials say.
The changes will give a federal worker who has both a military account and a civilian account the ability to submit a single beneficiary designation for both accounts, officials say.
Other changes will give federal workers who are parents the ability to designate a custodian under the Uniform Transfers to Minors Act as a beneficiary.
Still another change will “permit the agency to defer to state law when a potential beneficiary is implicated in the death of a participant and is subsequently found not guilty by reason of insanity,” officials say.
A section of the regulations labeled “Homicide” states that, “If the beneficiary is implicated in the death of the participant and the beneficiary would be precluded from inheriting under state law, the beneficiary will not be entitled to receive any portion of the participant’s account.”