53-25-111. Changes in designated beneficiary. (1) A designated beneficiary or agent may change the designated beneficiary of an account to an individual who is a member of the family of the former designated beneficiary in accordance with procedures established by the department.

(2) If requested by a designated beneficiary or agent, all or a portion of an account may be transferred through a rollover distribution to another account for which the designated beneficiary is a member of the family of the designated beneficiary of the transferee account.

(3) Changes in designated beneficiaries and rollover distributions under this section are not permitted if the changes or rollover distributions would violate:

(a) the excess contributions provisions adopted by the department; or

(b) the investment choice provisions of 53-25-112.