(1) Payment to 2 or more persons as joint beneficiaries shall be equal unless the participant, employee or annuitant has designated otherwise in the written designation of beneficiary on file with the department.
(2) A beneficiary may waive any benefit payable and the beneficiary shall then be determined as if the person had died prior to filing an application except that if the person was a beneficiary under group 2 under s. 40.02 (8) (a) 2. , payment shall be made as if at least one child had survived the participant, employee or annuitant. The waiver shall be effective on the first day of the 2nd month commencing after it is received by the department or the date specified in the waiver, if later.
(4) If a participant, employee or annuitant fully terminates all coverage and closes all accounts to which a written beneficiary designation applies, the designation does not apply if the individual again becomes a participant, employee or annuitant.
(5) A designation of a testamentary trust as beneficiary shall satisfy the requirement of s. 40.02 (8) (a) 1. that a person or trust be specifically named in a written designation of beneficiary whether the will establishing the trust is written before or after the designation of beneficiary is received by the department. If, however, a designation specified the date or otherwise identified a specific will, the designation shall not apply if the will is not the last will and testament of the participant, employee or annuitant.