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This form is used by participants of the Mississippi Deferred Compensation Plan and Trust to request a change in their designated beneficiary. It includes sections for participant information, beneficiary
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How to fill out mississippi deferred compensation plan
How to fill out MISSISSIPPI DEFERRED COMPENSATION PLAN AND TRUST (MDCPT) - BENEFICIARY CHANGE REQUEST
01
Obtain the MISSISSIPPI DEFERRED COMPENSATION PLAN AND TRUST (MDCPT) - BENEFICIARY CHANGE REQUEST form.
02
Fill out your personal information at the top of the form, including your name, address, and account number.
03
Identify the current beneficiary by writing their name and relationship to you in the appropriate section.
04
Provide the new beneficiary's information, including their name, relationship, and Social Security number.
05
Specify the percentage of your benefits that the new beneficiary will receive.
06
Sign and date the form to authorize the change.
07
Submit the completed form to the appropriate MDCPT office or administrator as instructed on the form.
Who needs MISSISSIPPI DEFERRED COMPENSATION PLAN AND TRUST (MDCPT) - BENEFICIARY CHANGE REQUEST?
01
Participants in the Mississippi Deferred Compensation Plan who wish to update their beneficiary information.
02
Individuals who experience life changes such as marriage, divorce, or the birth of a child may need to submit a request.
03
Anyone who wants to ensure that their deferred compensation benefits are allocated according to their current wishes.
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People Also Ask about
Do deferred annuities have beneficiaries?
Deferred annuities, unlike immediate annuities, typically include a death benefit for beneficiaries, who receive what's left in the account or a guaranteed minimum. Deferred annuities delay payments until a future date, usually two to 30 years down the line, which gives the investment a chance to grow.
What is the beneficiary designation that can only be changed with the beneficiary's written agreement?
An irrevocable beneficiary is a type of beneficiary designation that differs significantly from revocable beneficiaries. Once an irrevocable beneficiary has been named, the policy or account owner cannot change this designation without the beneficiary's written consent.
Who benefits from a deferred compensation plan?
Because deferred compensation plans help to reduce taxable income, these plans are often used for high-income earners. A deferred compensation plan involves some risk and employees should consult an expert and get their investment advice before enrolling.
What happens to deferred compensation upon death?
If the executive covered under the deferred compensation plan dies while in the service of the employer, benefits will normally be paid to his or her survivors -- often at the level that would have been paid to the executive at retirement.
What is a deferred compensation beneficiary?
A beneficiary is a person (or persons) who will receive a DCP account in the event of the participant's death.
Do deferred compensation plans have beneficiaries?
Deferred compensation plans generally require you to designate a beneficiary who will receive the funds upon your death. Importantly, these designations often take precedence over instructions in your will or trust.
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What is MISSISSIPPI DEFERRED COMPENSATION PLAN AND TRUST (MDCPT) - BENEFICIARY CHANGE REQUEST?
The Mississippi Deferred Compensation Plan and Trust (MDCPT) - Beneficiary Change Request is a form that allows participants to designate or change their beneficiaries for the benefits under the MDCPT. This ensures that the designated individuals receive the deferred compensation upon the participant's death.
Who is required to file MISSISSIPPI DEFERRED COMPENSATION PLAN AND TRUST (MDCPT) - BENEFICIARY CHANGE REQUEST?
All participants in the Mississippi Deferred Compensation Plan who wish to designate or update their beneficiaries are required to file the Beneficiary Change Request form.
How to fill out MISSISSIPPI DEFERRED COMPENSATION PLAN AND TRUST (MDCPT) - BENEFICIARY CHANGE REQUEST?
To fill out the MDCPT Beneficiary Change Request form, participants should provide their personal information, including name, account number, and contact details, along with the names and details of the new beneficiaries. It is important to follow the instructions provided on the form and ensure all fields are completed accurately.
What is the purpose of MISSISSIPPI DEFERRED COMPENSATION PLAN AND TRUST (MDCPT) - BENEFICIARY CHANGE REQUEST?
The purpose of the MDCPT Beneficiary Change Request is to allow participants to update their beneficiary designations, ensuring that their intended beneficiaries will receive the benefits from the plan after their death.
What information must be reported on MISSISSIPPI DEFERRED COMPENSATION PLAN AND TRUST (MDCPT) - BENEFICIARY CHANGE REQUEST?
The information that must be reported includes the participant's name, social security number or account number, current beneficiary information, and the new beneficiary details such as their name, relationship to the participant, and contact information.
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