Get the free 403(b) designation of beneficiary form - Grandeur Peak Funds

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 the 403b designation of beneficiary:

1. Start by obtaining the necessary forms: Begin by contacting your employer or plan administrator to request the specific form for designating beneficiaries for your 403b retirement account. They will typically provide you with the appropriate paperwork.
2. Gather important information: Before filling out the form, gather all the necessary information you will need, such as the full legal names, dates of birth, and addresses of the individuals you wish to designate as beneficiaries. It's crucial to have accurate and up-to-date information to avoid complications later.
3. Identify primary and contingent beneficiaries: The form will typically ask you to designate both primary and contingent beneficiaries. Primary beneficiaries are first in line to receive the benefits, while contingent beneficiaries are named as backups in case the primary beneficiaries are unable to inherit the assets.
4. Specify the percentage allocation: You will often be asked to allocate a percentage of the benefits to each beneficiary. Make sure the total percentage adds up to 100%, as any discrepancies may create confusion or lead to unintended consequences.
5. Consider per stirpes or per capita designations: Depending on your circumstances, you may have the option to choose between per stirpes and per capita designations. Per stirpes distributes the benefits to the primary beneficiary's descendants if they are deceased, while per capita divides the benefits equally among the living primary beneficiaries.
6. Provide contact information: Ensure you provide accurate contact information for both yourself and your beneficiaries. This will assist the plan administrator in reaching out when necessary.

Who needs a 403b designation of beneficiary:

1. Anyone with a 403b retirement account: If you have a 403b retirement account, it is essential to fill out a designation of beneficiary form. Failure to do so may result in your assets being distributed according to the default rules outlined by your plan or state law, which may not align with your wishes.
2. Individuals with specific beneficiaries in mind: Designating beneficiaries allows you to have control over who will inherit your 403b assets upon your death. If you have specific individuals or organizations you wish to leave your benefits to, completing this form ensures your wishes are carried out.
3. Those who want to avoid probate: By naming beneficiaries directly on the 403b designation form, the assets bypass the probate process. This can save time, money, and potential complications for your loved ones after your passing.

Remember, it's important to regularly review and update your beneficiary designations if there are any significant life events such as marriage, divorce, births, or deaths in the family. Keeping your designations up to date ensures your assets are distributed according to your most current wishes.

For pdfFiller’s FAQs

What is 403b designation of beneficiary?

403b designation of beneficiary is a form where an individual designates who will receive their retirement account assets in the event of their death.

Who is required to file 403b designation of beneficiary?

Anyone who has a 403b retirement account is required to file a designation of beneficiary form.

How to fill out 403b designation of beneficiary?

To fill out the form, you need to provide the name, relationship, and percentage of the beneficiary.

What is the purpose of 403b designation of beneficiary?

The purpose is to ensure that your retirement account assets go to the intended beneficiaries upon your death.

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

You must report the name, relationship, and percentage share of the beneficiary.

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