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Print Reset Page 202 W. First Street, Suite 500 Los Angeles, CA 90012-4401 (800) 779-8328 TDD (888) 349-3996 Fax: (213) 687-4174 www.LACERS.org DESIGNATION OF BENEFICIARY FOR ACTIVE MEMBERS TIER 1

How to fill out designation of beneficiary for

How to fill out designation of beneficiary form:

1. Start by carefully reading the instructions provided on the form. Make sure you understand the purpose and requirements of designating a beneficiary.
2. Begin by providing your personal information, such as your full name, address, and contact details. Ensure accuracy and clarity when filling out this section.
3. Identify the specific account or program for which you are designating a beneficiary. This could be a retirement account, insurance policy, or any other financial instrument that requires beneficiary designation.
4. When specifying the beneficiary, provide their full name, relationship to you, and their contact information. It is important to provide accurate details to avoid any confusion or delays in the future.
5. Consider whether you want to designate primary and contingent beneficiaries. Primary beneficiaries are usually the first in line to receive the benefits, while contingent beneficiaries come into play if the primary beneficiary is unable to receive the benefits. If you wish to designate both, clearly state their names and the percentage of benefits they should receive.
6. Review the completed form for any errors or omissions. Ensure all fields have been filled out accurately and completely before submitting it.
7. Sign and date the form to validate your designation. If required, have the form witnessed or notarized as per the instructions provided.

Who needs designation of beneficiary for?

1. Individuals with retirement accounts: Designating a beneficiary is crucial for individuals who have a 401(k), IRA, or any other retirement savings plan. This ensures that the funds pass on to the designated beneficiary in the event of the account holder's death.
2. Life insurance policyholders: A designation of beneficiary is essential for those who have life insurance policies. It allows the policyholder to specify who will receive the death benefit upon their passing.
3. Participants in employee benefit plans: Many employers offer benefit plans that include life insurance, pension funds, or stock options. By designating a beneficiary, employees can ensure that these benefits are distributed according to their wishes in the event of their death.
4. Individuals with investments or securities: Some investment accounts, such as mutual funds or brokerage accounts, allow the account holder to designate a beneficiary. This ensures that the investments are transferred to the designated individual upon the account holder's death.
5. Individuals with bank accounts: Certain banks offer the option to designate beneficiaries for accounts, such as savings or checking accounts. This can simplify the distribution of funds to the designated individual after the account holder passes away.

Overall, anyone who wants to ensure their assets or benefits are distributed to specific individuals as intended should consider filling out a designation of beneficiary form.

For pdfFiller’s FAQs

What is designation of beneficiary for?

The designation of beneficiary is used to specify who will receive the benefits of a policy or account after the death of the owner.

Who is required to file designation of beneficiary for?

Anyone who has a policy or account with a designated beneficiary option is required to file a designation of beneficiary form.

How to fill out designation of beneficiary for?

To fill out a designation of beneficiary form, one must provide their personal information as well as the information of the chosen beneficiary.

What is the purpose of designation of beneficiary for?

The purpose of the designation of beneficiary is to ensure that the benefits of a policy or account are distributed according to the wishes of the owner.

What information must be reported on designation of beneficiary for?

The information that must be reported on a designation of beneficiary form includes the name, relationship, and contact information of the beneficiary.

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