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Beneficiary Designation Governmental 457(b) Plan Pennsylvania State Employees\' Deferred Compensation Plan9897801For My Information For questions regarding this form, visit the website at sees.pa.gov

How to fill out deferred compensation plan beneficiary

How to fill out deferred compensation plan beneficiary

1. Review the deferred compensation plan documents provided by your employer to understand the rules and requirements for designating a beneficiary.
2. Obtain the beneficiary designation form from your employer or the plan administrator.
3. Fill out the form accurately and completely, providing your personal information, such as name, date of birth, Social Security number, and contact information.
4. Specify the percentage or dollar amount of the deferred compensation assets you want to designate for each beneficiary.
5. Determine the relationship of each beneficiary to you, whether they are a spouse, child, sibling, or other designated individual.
6. If you want to designate multiple beneficiaries, decide whether they should receive assets equally or in specific proportions.
7. Consider naming contingent beneficiaries in case the primary beneficiaries predecease you.
8. Sign and date the beneficiary designation form.
9. Submit the completed form to your employer or the plan administrator within the specified time frame.
10. Keep a copy of the beneficiary designation form for your records and review it periodically to ensure it reflects your current wishes.

Who needs deferred compensation plan beneficiary?

1. Anyone who has a deferred compensation plan should consider designating a beneficiary. This ensures that in the event of the plan holder's death, the assets in the plan are distributed according to their wishes. It is especially important for individuals with dependents or those who want to control the distribution of their assets after death. By designating a beneficiary, the plan holder can provide financial security to loved ones and minimize probate-related complications.

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What is deferred compensation plan beneficiary?

Deferred compensation plan beneficiary is the individual or entity designated to receive payments from a deferred compensation plan in the event of the participant's death.

Who is required to file deferred compensation plan beneficiary?

The participant in the deferred compensation plan is required to designate a beneficiary.

How to fill out deferred compensation plan beneficiary?

Participants can fill out the beneficiary designation form provided by the plan administrator and submit it according to the plan's rules and procedures.

What is the purpose of deferred compensation plan beneficiary?

The purpose of a deferred compensation plan beneficiary is to ensure that the participant's assets in the plan are transferred to the designated individual or entity in case of the participant's death.

What information must be reported on deferred compensation plan beneficiary?

The beneficiary's full name, relationship to the participant, date of birth, and mailing address must be reported on the beneficiary designation form.