Split Pa. Justices Bar Indirect Annuity Beneficiary Change

Law360, Philadelphia (June 18, 2013, 4:48 PM EDT) -- With an even 3-3 split, the Pennsylvania Supreme Court on Monday affirmed a decision finding that holders of annuity contracts can only designate new beneficiaries through means expressly laid out by their benefit providers and may not do so through a will or any other means.

The even split, a result of a vacancy on the bench created by the indictment and subsequent conviction of Justice Joan Orie Melvin, automatically affirms a ruling by the Superior Court finding that Abbass Alkhafaji had not properly notified TIAA-CREF...
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