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Este formulario permite a los participantes designar beneficiarios para su cuenta del Plan de Compensación Diferida de la Ciudad de Torrance (Plan B). Debe completarse con tinta negra o azul y se requiere que la designación sea firmada por el participante y, si corresponde, por el cónyuge.
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What is beneficiary designation?
Beneficiary designation is a legal document that specifies who will receive the benefits of an account or policy upon the death of the account holder or policy owner.
Who is required to file beneficiary designation?
Typically, the account holder or policy owner is required to file a beneficiary designation to ensure that their chosen beneficiaries receive the benefits.
How to fill out beneficiary designation?
To fill out a beneficiary designation, the account holder should provide their personal information, list the beneficiaries along with their details (such as name and relationship), and sign the document as required.
What is the purpose of beneficiary designation?
The purpose of beneficiary designation is to clearly outline who will receive the assets or benefits upon the account holder's death, helping to avoid confusion or disputes.
What information must be reported on beneficiary designation?
The information that must be reported includes the name of the beneficiary, their relationship to the account holder, contact information, and sometimes their Social Security number or date of birth.
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