Get Pre-Retirement Beneficiary Form - West Virginia Consolidated ...

Pre-Retirement Lump-Sum Beneficiary Designation form. You may name as beneficiary any. person or persons, a corporation, or your estate. Payment will be made to your estate only if. probated. You may designate a trust as your beneficiary; however, you must provide the name of.

A beneficiary is generally any person or entity the account owner chooses to receive the benefits of a retirement account or an IRA after they die. The owner must designate the beneficiary under procedures established by the plan.

The beneficiary designation forms allow you to name primary and secondary beneficiaries. Your “primary beneficiaries” are the first people or entities that you want to receive your benefit after you die.

A primary beneficiary is the person (or people or organizations) you name to receive your stuff when you die. A contingent beneficiary is second in line to receive your assets in case the primary beneficiary passes away. And a residuary beneficiary gets any property that isn't specifically left to another beneficiary.

Write the names of the first beneficiary(ies) you would like to receive your benefit after you die. You may name an individual(s), entity (such as a charity, business, religious organization, funeral home, etc.), trust, or estate. You may name more than one.

RETIREMENT BENEFIT FORMULA Regular retirement benefits are paid in equal monthly installments in an amount equal to 2% multiplied by the member's years of credited service multiplied by the member's Final Average Salary (FAS).

Beneficiary designations allow you to transfer assets directly to individuals, regardless of the terms of your will. Beneficiary designations are often made when a financial account, retirement account, or life insurance policy is established.