Get the free 457 Plan Beneficiary Designation Form - City of Lawrence - lawrenceks

Beneficiary Designation Instructions To designate a beneficiary or to change your existing beneficiary designation on your retirement plan, complete all applicable sections of this form, obtain any

How to fill out 457 plan beneficiary designation

How to fill out 457 plan beneficiary designation:

1. Obtain the necessary forms: Contact your 457 plan administrator or human resources department to request the beneficiary designation form. They will provide you with the appropriate paperwork.
2. Review the instructions: Carefully read through the instructions provided with the beneficiary designation form. Make sure you understand the requirements and any specific guidelines for completing the form.
3. Provide your personal information: Fill out your personal information accurately and completely. This typically includes your full name, Social Security number, date of birth, and contact information.
4. Choose primary beneficiaries: Designate the individuals who will receive the proceeds from your 457 plan if you pass away. Primary beneficiaries have the first right to the funds. Provide the full names and relationship to you for each primary beneficiary.
5. Determine contingent beneficiaries: Contingent beneficiaries will receive the proceeds if the primary beneficiaries are unable or unwilling to do so. Similar to the primary beneficiaries, provide the full names and relationships for each contingent beneficiary.
6. Specify the percentage allocation: Indicate the percentage of the account value that each beneficiary should receive. It must add up to 100% among your primary and contingent beneficiaries.
7. Include any additional instructions or restrictions: If you have specific wishes for how the proceeds should be distributed or any special conditions, you can include them in this section of the form. However, be aware that some restrictions may not be allowed under the plan rules.
8. Date and sign the form: Sign and date the beneficiary designation form to indicate that it has been completed accurately and truthfully.

Who needs 457 plan beneficiary designation?

1. Employees with a 457 plan: Any individual who participates in a 457 plan should consider completing a beneficiary designation form. This ensures that their retirement account assets are transferred to the intended beneficiaries upon their death.
2. Married individuals: If you are married, your spouse may have certain rights or entitlements to your 457 plan assets. Completing a beneficiary designation form can help clarify these rights and ensure your spouse is appropriately designated as a primary or contingent beneficiary.
3. Individuals with dependents: If you have dependents such as children or disabled relatives who rely on your financial support, it is crucial to name them as beneficiaries on your 457 plan. This will help ensure they are provided for if something were to happen to you.
4. Those with specific wishes or preferences: If you have specific desires for how your 457 plan assets should be distributed after your death, completing a beneficiary designation form allows you to express these preferences. This could include charitable donations, allocating funds for education expenses, or other specific instructions.

For pdfFiller’s FAQs

What is 457 plan beneficiary designation?

A 457 plan beneficiary designation is a form that allows the account holder to name who will receive the funds in their account upon their death.

Who is required to file 457 plan beneficiary designation?

Anyone who has a 457 plan account is required to file a beneficiary designation form.

How to fill out 457 plan beneficiary designation?

To fill out the form, the account holder will need to provide the name, date of birth, and relationship to the beneficiary.

What is the purpose of 457 plan beneficiary designation?

The purpose of the designation is to ensure that the funds in the account go to the intended recipient upon the account holder's death.

What information must be reported on 457 plan beneficiary designation?

The form typically requires the beneficiary's full name, date of birth, relationship to the account holder, and percentage of the account they will receive.

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