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Municipal Employees Retirement System of Michigan 1134 Municipal Way Lansing, MI 48917 800.767.2308 Fax: 517.703.9706 www.mersofmich.com Defined Contribution Beneficiary Designation Form Please print

How to fill out defined contribution beneficiary designation

How to fill out defined contribution beneficiary designation:

1. Review the form: Start by carefully reading through the defined contribution beneficiary designation form provided by your employer or retirement plan administrator. Familiarize yourself with the instructions and requirements outlined on the form.
2. Provide personal information: Begin filling out the form by entering your personal details accurately. This typically includes your full name, address, and social security number or another unique identifier. Make sure to provide up-to-date and correct information.
3. Specify beneficiaries: Identify and list the individuals or entities you wish to designate as beneficiaries for your defined contribution plan. This may include primary beneficiaries - those who will receive the benefits upon your passing - and contingent beneficiaries - individuals who will inherit the benefits if the primary beneficiaries pass away before you.
4. Indicate percentage or allocation: Depending on the form, you may be asked to indicate the percentage of the total benefit each beneficiary should receive or allocate specific amounts to each beneficiary. Follow the instructions provided and ensure the total allocation adds up to 100%.
5. Include full information of beneficiaries: For each beneficiary named, provide their full name, date of birth, relationship to you, and their contact information. Double-check the accuracy of these details to avoid any complications during the processing of your beneficiary designation.
6. Consider special circumstances: If any of the named beneficiaries are minors or have special circumstances that need to be addressed, such as a trust, disability, or other unique legal considerations, consult with an attorney or financial advisor to ensure their interests are protected.
7. Review and sign: Before submitting the form, carefully review all the information provided. Verify that the beneficiaries' details are accurate and that you have followed all instructions correctly. Once satisfied, sign and date the form as required.

Who needs defined contribution beneficiary designation?

Defined contribution beneficiary designation is necessary for individuals who have a defined contribution retirement plan, such as a 401(k), 403(b), or Individual Retirement Account (IRA). These plans allow individuals to accumulate savings for retirement, often with contributions made by both the employee and employer.

While participating in a defined contribution plan, it is crucial to designate beneficiaries who will receive the benefits in the event of your passing. This ensures that your hard-earned retirement savings are distributed according to your wishes and can provide financial security for your loved ones.

It is essential for anyone with a defined contribution plan to review and update their beneficiary designation periodically. Life circumstances such as marriage, divorce, birth of children, or the passing of beneficiaries may necessitate changes to the designated beneficiaries. Regularly reviewing and updating your beneficiary designation form helps ensure that your retirement savings pass to the intended recipients.

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What is defined contribution beneficiary designation?

Defined contribution beneficiary designation is the process of naming who will receive the assets in a defined contribution plan, such as a 401(k) or IRA, upon the account holder's death.

Who is required to file defined contribution beneficiary designation?

Individuals who have a defined contribution plan, such as a 401(k) or IRA, are required to file a beneficiary designation form.

How to fill out defined contribution beneficiary designation?

To fill out a defined contribution beneficiary designation form, individuals must provide the name, date of birth, relationship, and percentage of assets to be received by each beneficiary.

What is the purpose of defined contribution beneficiary designation?

The purpose of defined contribution beneficiary designation is to ensure that assets in a retirement account are distributed in accordance with the account holder's wishes upon their death.

What information must be reported on defined contribution beneficiary designation?

On a defined contribution beneficiary designation form, individuals must report the name, date of birth, relationship, and percentage of assets to be received by each beneficiary.