Get the free Deferred compensation beneficiary change form - City of Lewiston

DEFERRED COMPENSATION BENEFICIARY CHANGE FORM Participant Information (please print) Employer Name Social Security Number State First Name Last Name MI Street Address City State (Area Code) Home Phone

How to fill out deferred compensation beneficiary change

How to fill out a deferred compensation beneficiary change:

1. Begin by obtaining the necessary forms from your employer or the administrator of your deferred compensation plan.
2. Fill out the required personal information section, including your full name, address, and contact details.
3. Indicate the type of deferred compensation plan you are enrolled in, as well as any relevant plan numbers or account information.
4. Clearly state the name and relationship of your current primary beneficiary or beneficiaries. If you wish to make changes to multiple beneficiaries, ensure that you provide the necessary details for each individual.
5. Specify the percentage or specific amount of the deferred compensation you wish to assign to each beneficiary. This allocation will determine how the funds will be distributed among them upon your death.
6. If you have any contingent beneficiaries, list their names and relationships as well. These individuals will only receive an inheritance if the primary beneficiaries predecease you or are unable to accept the funds for any reason.
7. Review the form to ensure accuracy and completeness. Make any necessary corrections or additions before signing and dating the document.
8. Once you have completed the form, submit it according to the instructions provided by your employer or plan administrator. This may involve submitting it electronically or mailing a physical copy.
9. Retain a copy of the beneficiary change form for your records.

Who needs deferred compensation beneficiary change?

1. Employees who have a deferred compensation plan through their employer should consider updating their beneficiary designation whenever there is a significant life event. This may include marriage, divorce, the birth or adoption of a child, or the death of a primary beneficiary.
2. Individuals who want to ensure that their deferred compensation benefits are distributed according to their wishes should also review and update their beneficiary designations periodically, even if there haven't been any recent life changes.
3. It is especially important for individuals who have recently divorced or remarried to review and update their beneficiary designations, as the legal status of their former spouse may have changed.

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What is deferred compensation beneficiary change?

Deferred compensation beneficiary change is the process of updating the designated beneficiary for a deferred compensation plan.

Who is required to file deferred compensation beneficiary change?

Participants in a deferred compensation plan are required to file a beneficiary change form if they wish to update their beneficiary.

How to fill out deferred compensation beneficiary change?

To fill out a deferred compensation beneficiary change form, participants must provide their contact information, select their new beneficiary, and sign the form.

What is the purpose of deferred compensation beneficiary change?

The purpose of a deferred compensation beneficiary change is to ensure that the participant's assets are distributed according to their wishes in the event of their death.

What information must be reported on deferred compensation beneficiary change?

Participants must report their current beneficiary, their relationship to the beneficiary, and any additional information required by the plan administrator.