(a) The participant may designate any person or persons as beneficiaries to receive any amount that may be payable upon the death of the participant pursuant to the provisions of this chapter. The beneficiary or beneficiaries must be designated on a form prescribed by the board, signed by the participant, and delivered to a plan representative prior to the participant's death.
(b) The participant's beneficiary designation shall not be given effect and shall be overridden to the extent that such a designation would impair the rights of any surviving spouse under applicable federal, state or territorial law.
(c) Unless otherwise provided in the beneficiary designation form, each designated beneficiary shall be entitled to equal shares of the lump sum distribution that may be payable from the participant's account upon the death of the participant.
(d) In the event the participant dies without a valid beneficiary designation on file, any balance remaining in the participant's account shall be payable to the participant's survivors in the following order:
(1) The participant's spouse.
(2) The participant's natural or adopted children.
(3) The participant's parents.
(4) The participant's estate.
(e) Upon receipt of proof of a participant's death. The beneficiary or beneficiaries shall be entitled to a death benefit that is a lump sum distribution of the balance remaining in the participant's account.
(f) If the participant died prior to termination of employment or distribution of all of the contributions and earnings credited to the participant's account, lump sum distribution shall be an amount that is equal to the balance remaining in the participant's account.
(g) Application for the distribution shall be made on an application form and in the manner prescribed by the board.