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  • Final Compensation Beneficiary Designation Form - State Of Michigan - Mich

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CS-140 REV 8/2007 State of Michigan Civil Service Commission FINAL COMPENSATION BENEFICIARY DESIGNATION Employee Name: (Last, First, Middle) Employee I.D. No. Social Security Number Department/Agency.

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Simply put, a life insurance beneficiary is the person who will receive a policy payout (called a death benefit) if you were to die with coverage in place. It can be a person, multiple persons, a trust, or even an organization or some combination depending on your needs.

The first $50,000 of your basic life insurance benefit is considered non-taxable income under federal tax law. However, the employer's cost of the benefit over $50,000 is taxable and the imputed income is added to your final W-2 earnings as required under Section 79 of the Internal Revenue Code.

Beneficiary designations are used to identify the recipient(s) of your insurance benefits. A Member who is insured for Life Insurance with Standard Insurance Company (The Standard) may name whomever he/she wishes as beneficiary.

Your original designation remains in force whether it still reflects your wishes or not, until you submit another form to cancel prior designations or to designate a new beneficiary. A designation of beneficiary form outlines your desire to have the funds due upon your death paid out in a particular way.

A beneficiary is the person or entity you name in a life insurance policy to receive the death benefit. You can name: One person. Two or more people. The trustee of a trust you've set up.

Write only one beneficiary on each line. Make sure that you write the full names of all beneficiaries. For example, if you name you children as beneficiaries, DO NOT merely write children on one of the lines; instead write the full names of each of your children on separate lines.

There are no formal steps to follow when notifying beneficiaries. Give the beneficiary all of your contact info and urge him or her to contact you as soon as possible. You cannot begin making distributions until you've set up a reliable form of communication with the beneficiary.

A beneficiary is the person or entity you name in a life insurance policy to receive the death benefit. You can name: One person. Two or more people. The trustee of a trust you've set up.

To determine where an individual's assets and possessions will go when they die, they need to make plans to administer their estate. ... These individuals are called beneficiaries. A beneficiary collects what was given to them. They do not have to take part in the responsibilities as an executor does.

Make Contact With the InsurerIf you find the policy or discover paperwork that indicates a policy exists, contact the insurer. If the policy exists, you can ask if you're a beneficiary. The insurer may tell you, or it may ask you to submit a form reporting the death.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232