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This document is used by members of the Arkansas Public Employees Retirement System to designate beneficiaries for the DROP plan in the event of the member's death.

How to fill out drop beneficiary designation

How to fill out DROP Beneficiary Designation

1. Obtain the DROP Beneficiary Designation form from your employer or the plan provider.
2. Read the instructions carefully to understand the requirements.
3. Fill in your personal information, including your name, contact details, and account number.
4. List the beneficiaries you wish to designate, including their names, relationship to you, and contact information.
5. Indicate the percentage of your benefits each beneficiary will receive.
6. Sign and date the form to certify that the information is correct and complete.
7. Submit the completed form to the appropriate office as per the provided instructions.

Who needs DROP Beneficiary Designation?

1. Employees enrolled in the Deferred Retirement Option Program (DROP).
2. Participants who want to ensure their benefits are distributed according to their wishes after their passing.
3. Individuals who have dependents or beneficiaries they wish to financially protect.

People Also Ask about

What is an example of a beneficiary designation?

In exchange for continuing to work past your eligible retirement age, an employer will set aside annual lump sum payments into an interest-bearing account. Upon retirement, the money that has grown in this account will be paid to you, on top of the rest of your accrued earnings.

How do you prove you are a beneficiary?

What is a beneficiary designation? In estate planning, a beneficiary is any person or entity you designate to receive an asset after you're gone. Naming beneficiaries is an integral part of several different estate planning elements, including: A will.

What is a beneficiary designation example?

As an example, if a decedent had a bank account, it's possible that they had designated beneficiaries to inherit the bank account upon their death.

What is an example of a designated beneficiary?

This can include any correspondence about your status as the beneficiary, documentation confirming your status, etc. You will have an opportunity to explain your circumstances and missing information during your claim submission.

For pdfFiller’s FAQs

What is DROP Beneficiary Designation?

The DROP Beneficiary Designation is a legal document that allows individuals participating in a Deferred Retirement Option Plan (DROP) to designate one or more beneficiaries who will receive benefits upon their death while in the DROP.

Who is required to file DROP Beneficiary Designation?

Individuals who are enrolled in a DROP and wish to establish a beneficiary for their retirement benefits are required to file a DROP Beneficiary Designation.

How to fill out DROP Beneficiary Designation?

To fill out a DROP Beneficiary Designation, you typically need to provide personal information, details about your designated beneficiary, and any required signatures as per your retirement plan's guidelines.

What is the purpose of DROP Beneficiary Designation?

The purpose of the DROP Beneficiary Designation is to ensure that retirement benefits are distributed according to the account holder's wishes in the event of their death during the DROP period.

What information must be reported on DROP Beneficiary Designation?

The information that must be reported typically includes the retiree's details, the beneficiary's name and relationship to the retiree, contact information for the beneficiary, and any specific instructions regarding the distribution of benefits.