Get the free Designation of beneficiary for retirees electing a lump sum option - nystrs

RMS-5 (2/10) OFFICE SERVICES ONLY NEW YORK STATE TEACHERS RETIREMENT SYSTEM 10 Corporate Woods Drive, Albany, NY 12211-2395 DESIGNATION OF BENEFICIARY FOR RETIREES ELECTING A LUMP SUM OPTION Last

How to fill out designation of beneficiary for

How to fill out designation of beneficiary for:

1. Provide personal information: Start by filling out your full name, address, date of birth, and Social Security number or other identification numbers as required.
2. Select primary beneficiaries: List the name, relationship, and percentage of the benefit each primary beneficiary should receive. Ensure that the total percentage adds up to 100%.
3. Choose contingent beneficiaries: If your primary beneficiaries are unable to receive the benefits, contingent beneficiaries will be next in line. Follow the same process as selecting primary beneficiaries, including their name, relationship, and the percentage they should receive.
4. Specify the form of distribution: Indicate how the benefits should be paid out to the beneficiaries. This could be in a lump sum, installments, or an annuity. Provide any additional instructions if necessary.
5. Name any specific assets or accounts: If you have specific assets or accounts that should be included in the designation, mention them explicitly to avoid any confusion.
6. Sign and date the form: Once you have completed all the required sections, sign and date the designation of beneficiary form.

Who needs designation of beneficiary for:

1. Anyone with life insurance policies, retirement accounts, pensions, or other financial assets that allow for the designation of beneficiaries should consider filling out a designation of beneficiary form.
2. Individuals who want to ensure that their benefits are distributed according to their wishes and that their loved ones are taken care of in the event of their passing.
3. People who want to avoid potential conflicts or confusion among family members or other potential beneficiaries by explicitly stating their preferred beneficiaries in a legal document.

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What is designation of beneficiary for?

A designation of beneficiary form is used to identify who will receive certain benefits or assets upon the beneficiary's death.

Who is required to file designation of beneficiary for?

Any individual or entity that wants to designate a beneficiary for certain benefits or assets is required to file a designation of beneficiary form.

How to fill out designation of beneficiary for?

To fill out a designation of beneficiary form, you need to provide the required beneficiary information, such as their name, contact details, and relationship to the payer or account holder.

What is the purpose of designation of beneficiary for?

The purpose of a designation of beneficiary form is to ensure that the specified benefits or assets are distributed according to the beneficiary's wishes after their death.

What information must be reported on designation of beneficiary for?

The information that must be reported on a designation of beneficiary form typically includes the beneficiary's full name, address, date of birth, social security number, and relationship to the payer or account holder.