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457(b) Beneficiary Designation Community Unit School District #200 130 West Park Avenue Wheaton, IL 60189Part 1 Employee Informational 4 Employee SignatureName (Participants Signature)CUSP #200 Employee

How to fill out 457b beneficiary designation

How to fill out 457b beneficiary designation

1. To fill out a 457b beneficiary designation, follow these steps:
2. Step 1: Obtain the beneficiary designation form from your 457b plan provider.
3. Step 2: Fill in your personal information, including your name, address, and Social Security number.
4. Step 3: Provide the beneficiary's information, including their name, relationship to you, and contact details.
5. Step 4: Indicate the percentage or share of the account that each beneficiary should receive upon your death.
6. Step 5: Review the completed form for accuracy and completeness.
7. Step 6: Date and sign the form.
8. Step 7: Submit the beneficiary designation form to your 457b plan provider either electronically or by mail.
9. Step 8: Keep a copy of the completed form for your records.
10. Note: It is important to review and update your beneficiary designation periodically or when there are changes in your life circumstances.

Who needs 457b beneficiary designation?

1. Any individual who has a 457b retirement plan should consider filling out a beneficiary designation form.
2. This form ensures that upon your death, the assets in your 457b account will be distributed according to your wishes.
3. Having a designated beneficiary can also help avoid probate and streamline the transfer of assets.
4. It is especially important for individuals who have dependents or want to provide for their loved ones after their passing.
5. By designating beneficiaries, you can ensure that your retirement savings are passed on to the intended recipients.

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What is 457b beneficiary designation?

457b beneficiary designation is a form that allows the account holder to designate who will receive the funds in their 457b retirement account upon their death.

Who is required to file 457b beneficiary designation?

All individuals who have a 457b retirement account are required to file a beneficiary designation form.

How to fill out 457b beneficiary designation?

To fill out the form, you will need to provide the names and contact information of your chosen beneficiaries, as well as the percentage of the account that each beneficiary will receive.

What is the purpose of 457b beneficiary designation?

The purpose of 457b beneficiary designation is to ensure that your retirement account funds are distributed according to your wishes after your death.

What information must be reported on 457b beneficiary designation?

The form typically requires information such as the beneficiary's full name, relationship to the account holder, date of birth, and social security number.