Get the free VRS Designation of Beneficiary Form

DESIGNATION OF BENEFICIARY VIRGINIA RETIREMENT SYSTEM P.O. Box 2500 ? Richmond, Virginia 23218-2500 Toll Free 1-888-VARETIR (827-3847) www.varetire.org 1. Clear Form Social Security Number 2. Employer

How to fill out vrs designation of beneficiary

How to Fill Out VRS Designation of Beneficiary:

1. Obtain the necessary form: Start by acquiring the VRS Designation of Beneficiary form from the Virginia Retirement System (VRS) website or request a physical copy from their office.
2. Provide necessary personal information: Enter your full name, Social Security number, date of birth, and contact information in the designated fields.
3. Determine your beneficiary: Decide who will receive your VRS benefits in the event of your death. You can choose one or more primary beneficiaries, as well as contingent beneficiaries. Make sure to provide their full names and contact information.
4. Specify the benefit type for each beneficiary: Indicate the benefit type you want each beneficiary to receive. Common options include lifetime monthly benefit, lump-sum payment, or a combination of both.
5. Determine the percentage allocation: If you have multiple primary beneficiaries, determine how you want to divide the benefits between them. Specify the percentage allocation for each beneficiary accordingly.
6. Consult with a professional, if necessary: If you have complex needs or questions, consider seeking assistance from a financial advisor or attorney who specializes in estate planning to ensure your beneficiary designation aligns with your overall financial goals.

Who needs VRS Designation of Beneficiary?

1. VRS members: The VRS Designation of Beneficiary form is essential for all VRS members, including employees of the state of Virginia, public school teachers, and other eligible individuals who participate in the VRS retirement plans.
2. Individuals with dependents: If you have dependents (spouse, children, etc.) who rely on your VRS benefits, it is crucial to designate beneficiaries to ensure that they receive the financial support they require after your passing.
3. Anyone without an existing estate plan: Even if you already have a will or other estate planning documents, it is essential to complete the VRS Designation of Beneficiary form to specifically allocate your retirement benefits. This ensures that your VRS benefits are distributed according to your wishes and does not solely rely on your overall estate plan.

Note: It is advisable to regularly review and update your beneficiary designation as life circumstances change, such as divorce, marriage, birth of children, or the death of a beneficiary.

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