§ 13-3.2 Rights of beneficiaries of pension, retirement, death benefit,

stock bonus and profit-sharing plans, systems or trusts and

of beneficiaries of annuities and supplemental insurance

contracts

(a) If a person is entitled to receive (1) payment in money,
securities or other property under a pension, retirement, death benefit,
stock bonus or profit-sharing plan, system or trust or (2) money payable
by an insurance company or a savings bank authorized to conduct the
business of life insurance under an annuity or pure endowment contract
or a policy of life, group life, industrial life or accident and health
insurance, or if a contract made by such an insurer relating to the
payment of proceeds or avails of such insurance designates a payee or
beneficiary to receive such payment upon the death of the person making
the designation or another, the rights of persons so entitled or
designated and the ownership of money, securities or other property
thereby received shall not be impaired or defeated by any statute or
rule of law governing the transfer of property by will, gift or
intestacy.

(b) This section does not limit article 10 of the debtor and creditor
law, articles 10-C and 26 of the tax law, or 2-1.8, 5-1.1-A or 13-3.6.

(c) Paragraph (a) applies although a designation is revocable or
subject to change by the person who makes it, and although the money,
securities or other property receivable thereunder are not yet payable
at the time the designation is made or are subject to withdrawal,
collection or assignment by the person making the designation.

(d) A person entitled to receive payment includes:

(1) An employee or participant in a pension, retirement, death
benefit, stock bonus or profit-sharing plan, system or trust.

(2) The owner or person purchasing an annuity, the person insured or
the person effecting insurance, the person effecting a contract relating
to payment of the proceeds or avails of a policy of insurance or an
annuity or pure endowment contract.

(3) Any person entitled to receive payment by reason of a payee or
beneficiary designation described in this section.

(e) A designation of a beneficiary or payee to receive payment upon
death of the person making the designation or another must be made in
writing and signed by the person making the designation and be:

(1) Agreed to by the employer or made in accordance with the rules
prescribed for the pension, retirement, death benefit, stock bonus or
profit-sharing plan, system or trust.

(2) Agreed to by the insurance company or the savings bank authorized
to conduct the business of life insurance, as the case may be.

(f) This section applies to designations heretofore or hereafter made
by persons who die on or after the date this section takes effect. This
section does not invalidate any contract or designation which is valid
without regard to this section.