§ 13-3.2 Rights of beneficiaries of pension, retirement, death benefit,\n stock bonus and profit-sharing plans, systems or trusts and\n of beneficiaries of annuities and supplemental insurance\n contracts\n (a) If a person is entitled to receive (1) payment in money,\nsecurities or other property under a pension, retirement, death benefit,\nstock bonus or profit-sharing plan, system or trust or (2) money payable\nby an insurance company or a savings bank authorized to conduct the\nbusiness of life insurance under an annuity or pure endowment contract\nor a policy of life, group life, industrial life or accident and health\ninsurance, or if a contract made by such an insurer relating to the\npayment of proceeds or avails of such insurance designates a payee or\nbeneficiary to receive such payment upon the death of the person making\nthe designation or another, the rights of persons so entitled or\ndesignated and the ownership of money, securities or other property\nthereby received shall not be impaired or defeated by any statute or\nrule of law governing the transfer of property by will, gift or\nintestacy.\n (b) This section does not limit article 10 of the debtor and creditor\nlaw, articles 10-C and 26 of the tax law, or 2-1.8, 5-1.1-A or 13-3.6.\n (c) Paragraph (a) applies although a designation is revocable or\nsubject to change by the person who makes it, and although the money,\nsecurities or other property receivable thereunder are not yet payable\nat the time the designation is made or are subject to withdrawal,\ncollection or assignment by the person making the designation.\n (d) A person entitled to receive payment includes:\n (1) An employee or participant in a pension, retirement, death\nbenefit, stock bonus or profit-sharing plan, system or trust.\n (2) The owner or person purchasing an annuity, the person insured or\nthe person effecting insurance, the person effecting a contract relating\nto payment of the proceeds or avails of a policy of insurance or an\nannuity or pure endowment contract.\n (3) Any person entitled to receive payment by reason of a payee or\nbeneficiary designation described in this section.\n (e) A designation of a beneficiary or payee to receive payment upon\ndeath of the person making the designation or another must be made in\nwriting and signed by the person making the designation and be:\n (1) Agreed to by the employer or made in accordance with the rules\nprescribed for the pension, retirement, death benefit, stock bonus or\nprofit-sharing plan, system or trust.\n (2) Agreed to by the insurance company or the savings bank authorized\nto conduct the business of life insurance, as the case may be.\n (f) This section applies to designations heretofore or hereafter made\nby persons who die on or after the date this section takes effect. This\nsection does not invalidate any contract or designation which is valid\nwithout regard to this section.\n
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