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A 1013237-03 CITY OF WATERBURY 457(B) DEFERRED COMPENSATION PLAN B Participant Information Beneficiary Designation Governmental 457(b) Plan Use black or blue ink when completing this form. For questions

How to fill out filling out beneficiary forms

How to fill out a designation of beneficiary form:

1. Begin by gathering all the necessary information. The form will typically require the full legal name, date of birth, and contact details of the person filling out the form.
2. Identify the beneficiary. This is the person who will receive the benefits or assets upon the policyholder's death. Enter their full legal name, relationship to the policyholder, and contact information.
3. Specify the percentage or amount of the proceeds that the designated beneficiary will receive. This can be indicated by either a specific dollar amount or a percentage of the total benefits.
4. If there are multiple beneficiaries, clearly state how the benefits should be distributed among them. This can be done by indicating the percentage allotted to each beneficiary or by specifying a specific dollar amount for each person.
5. Consider naming a contingent beneficiary. This is a backup beneficiary who will receive the benefits if the primary beneficiary is unable to do so. Provide their full legal name, relationship to the policyholder, and contact information.
6. Sign and date the form. Make sure to review the form carefully before signing to ensure accuracy.

Who needs a designation of beneficiary form:

1. Individuals with life insurance policies: Whether it's term life insurance, whole life insurance, or another type of policy, policyholders should complete a designation of beneficiary form to ensure their chosen beneficiaries receive the benefits upon their death.
2. Individuals with retirement accounts: Retirement accounts, such as 401(k) plans or individual retirement accounts (IRAs), typically require the designation of beneficiaries. This form ensures that the account's assets are distributed according to the account holder's wishes.
3. Employees with employer-sponsored benefits: Many employers offer benefits such as life insurance, pension plans, or stock options. In these cases, employees should fill out a designation of beneficiary form to specify who will receive these benefits in the event of their death.

In summary, to fill out a designation of beneficiary form, gather all necessary information, identify and specify the beneficiaries and their respective percentages or amounts, consider a contingent beneficiary, and review and sign the form. This form is essential for individuals with life insurance policies, retirement accounts, or employer-sponsored benefits.

For pdfFiller’s FAQs

What is designation of beneficiary form?

The designation of beneficiary form is a legal document that allows an individual to specify who will receive their assets or benefits upon their death.

Who is required to file designation of beneficiary form?

Any individual who wishes to designate a beneficiary for their assets or benefits must file a designation of beneficiary form.

How to fill out designation of beneficiary form?

To fill out a designation of beneficiary form, you need to provide your personal information, such as name, address, and contact details, and also provide the information of the designated beneficiary.

What is the purpose of designation of beneficiary form?

The purpose of the designation of beneficiary form is to ensure that the assets or benefits of an individual are distributed according to their wishes after their death.

What information must be reported on designation of beneficiary form?

The designation of beneficiary form typically requires you to report your personal information, such as your name, address, and social security number, as well as the information of the designated beneficiary.

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