A. Designation. A Participant shall have the right to designate a Beneficiary, and amend or revoke such designation at any time, in writing. Such designation, amendment or revocation shall be effective upon receipt by the Committee. Notwithstanding the foregoing, the Participant may not change his or her joint annuitant after payment under a joint and survivor annuity commences.

B. Failure to Designate a Beneficiary. If no designated Beneficiary survives the Participant and benefits are payable following the Participant’s death, the Committee may direct that payment of benefits be made to the person or persons in the first of the following classes of successive preference Beneficiaries. The Participant’s: