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Savings Plus Program 401(k) Thrift Plan Beneficiary Designation Form Please read the information and instructions on the reverse side before completing this form. SECTION I Participant Information

How to fill out 401k thrift plan beneficiary

How to fill out 401k thrift plan beneficiary:

1. Obtain the necessary forms: Contact your 401k plan administrator or human resources department to request the beneficiary designation form. They will provide you with the required paperwork or direct you to an online portal to access the form.
2. Gather important information: You will need to provide the full legal name, date of birth, and Social Security number of each beneficiary. Make sure to have this information handy before filling out the form.
3. Determine the type of beneficiary: 401k plans typically allow you to designate primary and contingent beneficiaries. Primary beneficiaries are the first in line to receive your 401k assets upon your passing, while contingent beneficiaries are named as backups if the primary beneficiaries are unable to inherit the assets. Decide who you want to designate as your primary and contingent beneficiaries.
4. Specify the percentage or allocation: Indicate how you want to distribute your 401k assets among the beneficiaries. You can allocate specific percentages or divide the assets equally among multiple beneficiaries.
5. Consider tax implications: Be aware that the way you designate beneficiaries can impact the tax treatment of your 401k assets after your passing. Consult with a financial advisor or tax professional to understand the potential tax consequences and make informed decisions regarding beneficiary designations.

Who needs a 401k thrift plan beneficiary:

1. Individuals with a 401k plan: If you have a 401k retirement plan, it is essential to name a beneficiary or beneficiaries. This ensures that your retirement assets pass according to your wishes and can provide financial security to your loved ones after your passing.
2. Those who want control over asset distribution: By designating a beneficiary, you maintain control over who inherits your 401k assets. If you don't have a designated beneficiary, the plan's default rules may determine how your assets are distributed, which may not align with your preferences.
3. Individuals with dependents or loved ones: Having a beneficiary designation is particularly important if you have dependents or loved ones who rely on your financial support. Designating beneficiaries ensures that your retirement savings can benefit those you care for even after you're gone.

Remember to review and update your beneficiary designation periodically, especially after major life events like marriage, divorce, or the birth of a child. It's crucial to keep your beneficiary information up to date to reflect your current intentions and any changes in your personal circumstances.

For pdfFiller’s FAQs

What is 401k thrift plan beneficiary?

401k thrift plan beneficiary is the individual who will receive the assets from the 401k plan in the event of the plan participant's death.

Who is required to file 401k thrift plan beneficiary?

The plan participant is required to designate a beneficiary for their 401k thrift plan.

How to fill out 401k thrift plan beneficiary?

The plan participant needs to contact their plan administrator to obtain the necessary forms and follow the instructions provided to designate a beneficiary.

What is the purpose of 401k thrift plan beneficiary?

The purpose of 401k thrift plan beneficiary is to ensure that the assets in the 401k plan are distributed according to the participant's wishes in the event of their death.

What information must be reported on 401k thrift plan beneficiary?

The beneficiary's full name, relationship to the participant, date of birth, and percentage of the assets they are entitled to receive must be reported on the 401k thrift plan beneficiary form.

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