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403(B) DESIGNATION OF BENEFICIARY FORM IMPORTANT: This form is for use with a 403(b) plan subject to Title I of ERICA. SECTION 3: Designation o f Beneficiary(IES) (continued) SECTION 1: General Information

How to fill out 403b designation of beneficiary

How to fill out 403b designation of beneficiary:

1. Begin by obtaining the designated form from your employer or the financial institution that manages your 403b retirement account. This form is usually referred to as "Beneficiary Designation Form" or "Designation of Beneficiary."
2. Fill out your personal information accurately and completely. This typically includes your full name, address, date of birth, and social security number. It is essential to provide correct information to ensure the proper designation of your chosen beneficiaries.
3. Indicate your primary beneficiaries. These are the individuals who will receive the assets from your 403b account upon your passing. Include their full names, relationship to you (spouse, child, sibling, etc.), and their respective percentages of the total assets to be allocated to each beneficiary. The total percentages should equal 100%.
4. If you have any contingent or secondary beneficiaries, list them as well. Contingent beneficiaries will inherit the assets only if all primary beneficiaries have predeceased you or are unable to receive the assets for any reason. Again, provide the full names, relationships, and percentages for each contingent beneficiary.
5. Review the completed form thoroughly to ensure its accuracy. Make sure all necessary information has been provided, and the chosen beneficiaries are correctly identified. You may consider seeking legal or financial advice if uncertain about the appropriate designations.
6. Sign and date the form at the specified section. Some forms require a witness or notary public signature, so be sure to follow the provided instructions.

Who needs 403b designation of beneficiary:

1. Employees who have a 403b retirement account should have a designated beneficiary. This includes individuals working in certain tax-exempt organizations, public schools, religious organizations, and charitable institutions.
2. Having a designated beneficiary ensures that your assets are distributed according to your wishes upon your passing. Without a valid beneficiary designation, the assets may be distributed through default rules, which might not align with your preferences.
3. Additionally, if you want to take advantage of post-death distribution options and potential tax advantages for your beneficiaries, it is crucial to have a proper and up-to-date designation of beneficiary on file.

Remember, it is advisable to review your beneficiary designation periodically or after significant life events such as marriage, divorce, birth, or death of a beneficiary to ensure it reflects your current intentions.

For pdfFiller’s FAQs

What is 403b designation of beneficiary?

403b designation of beneficiary is a form that allows an individual to specify who will receive the funds from their 403b retirement account upon their death.

Who is required to file 403b designation of beneficiary?

All participants in a 403b retirement plan are required to file a designation of beneficiary form.

How to fill out 403b designation of beneficiary?

To fill out the 403b designation of beneficiary form, you will need to provide the name, relationship, and percentage share of the beneficiary.

What is the purpose of 403b designation of beneficiary?

The purpose of the 403b designation of beneficiary is to ensure that your retirement savings are distributed according to your wishes in the event of your death.

What information must be reported on 403b designation of beneficiary?

The 403b designation of beneficiary form must include the name, relationship, and percentage share of each designated beneficiary.

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