A participant may designate a beneficiary to receive the participant's benefits under the plan in case of the death of the participant.
If the beneficiary does not survive the participant or if no beneficiary is designated, the participant's benefits are paid as follows:
(1) To the participant's surviving spouse;
(2) If there is no surviving spouse, then to all surviving children of the participant, irrespective of age, on a share-alike basis; or
(3) If there is no surviving spouse and there are no surviving children, then to the participant's estate.