(1) A person designated as the beneficiary to receive a death benefit under chapters 34-37 of this title may disclaim the benefit upon the death of the member. Such disclaimer may be made by the person's trustee, guardian, conservator, or attorney-in-fact. If the disclaimer is made by such person's fiduciary, the disclaimer shall be binding on the beneficiary and on any successor fiduciary.
(2) To be effective, the beneficiary must not have received any of the benefits, and the disclaimer must be in writing and filed with the division of retirement. Such writing shall: Indicate that the disclaimer is an irrevocable and unqualified refusal by the person to accept the benefit;
(3) Describe the amount of the benefit disclaimed; and
(4) Be signed by the person disclaiming or such person's representative.
(5) If a disclaimer is made under this section, the disclaiming beneficiary's share shall be distributed to the remaining beneficiary or beneficiaries in equal proportions.