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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 Hybrid Plan Beneficiary Designation Form Please print clearly

How to fill out hybrid plan beneficiary designation

How to fill out hybrid plan beneficiary designation:

1. Begin by obtaining the necessary forms from your hybrid plan provider. These forms may be available online or through postal mail.
2. Fill in your personal information accurately, including your full name, date of birth, and contact information. Ensure that all the information provided is up-to-date and correctly spelled.
3. Identify the specific hybrid plan for which you are designating a beneficiary. This may require providing plan identification or account numbers.
4. Clearly indicate the primary beneficiary for your hybrid plan. This is the individual who will receive the plan's benefits upon your passing. Include their full name, relationship to you, and their contact information.
5. Optionally, designate contingent beneficiaries. These are individuals who will receive the benefits if the primary beneficiary is unable or unwilling to fulfill their role. Include their full names, relationships to you, and their contact information.
6. Review the beneficiary designation form to ensure accuracy. Double-check all the information provided and make any necessary corrections before signing and dating the form.
7. Submit the completed beneficiary designation form to your hybrid plan provider. Follow their specified instructions for submission, whether it be mailing the form, faxing it, or submitting it through an online portal.
8. Keep a copy of the completed form for your records, and consider informing your primary and contingent beneficiaries about their designation, ensuring they are aware of their potential role in the future.

Who needs hybrid plan beneficiary designation?

1. Individuals who have a hybrid retirement plan or insurance policy should consider designating a beneficiary. This ensures that their assets and benefits are distributed according to their wishes upon their passing.
2. People who want to have control over who receives their hybrid plan benefits after their death may also find it beneficial to designate a beneficiary. This can help avoid potential conflicts or disputes among family members or loved ones.
3. Those who have experienced a change in their personal circumstances, such as marriage, the birth of a child, divorce, or the death of a previous beneficiary, should review and update their beneficiary designation to reflect their current wishes.

Remember, it is important to review and update your hybrid plan beneficiary designation periodically, particularly after major life events or changes in circumstances, to ensure that your desired beneficiaries are accurately reflected.

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What is hybrid plan beneficiary designation?

Hybrid plan beneficiary designation is the process of naming who will receive the benefits from a pension or retirement plan in the event of the participant's death.

Who is required to file hybrid plan beneficiary designation?

All participants in a hybrid plan are required to file beneficiary designation forms.

How to fill out hybrid plan beneficiary designation?

Participants can fill out the beneficiary designation forms provided by the plan administrator and ensure they are properly submitted.

What is the purpose of hybrid plan beneficiary designation?

The purpose of hybrid plan beneficiary designation is to ensure that the benefits from the plan are distributed according to the participant's wishes upon their death.

What information must be reported on hybrid plan beneficiary designation?

Participants must provide the name, relationship, and percentage allocation for each designated beneficiary.