A Mississippi Change of Beneficiary refers to a legal document that allows an individual to modify or update the beneficiary designation on a specific financial account, insurance policy, retirement plan, or trust in the state of Mississippi. This change typically occurs to reflect the account holder's wishes, updated circumstances, or changes in relationships. The Mississippi Change of Beneficiary is crucial in ensuring that the designated beneficiaries are updated accurately in accordance with the account holder's intentions. It helps avoid potential conflicts or complications after the account holder's death by clearly stating the beneficiaries who would receive the assets or benefits. Here are a few different types of Mississippi Change of Beneficiary: 1. Mississippi Change of Beneficiary for Life Insurance: This type of change involves updating the beneficiaries listed on a life insurance policy. It allows the policyholder to add, modify, or remove beneficiaries based on their current preferences. 2. Mississippi Change of Beneficiary for Retirement Accounts: Retirement accounts, such as 401(k)s, IRAs, or pension plans, often require the account holder to designate beneficiaries. A Mississippi Change of Beneficiary allows the account holder to update these beneficiary designations, ensuring that the assets are distributed according to their wishes. 3. Mississippi Change of Beneficiary for Trusts: In cases where assets are held in a trust, the account holder may need to modify the beneficiaries listed in the trust document. A Mississippi Change of Beneficiary helps in naming or changing beneficiaries who would ultimately receive the trust assets. 4. Mississippi Change of Beneficiary for Financial Accounts: Various financial accounts, including bank accounts, investment accounts, or brokerage accounts may require beneficiary designations. The Mississippi Change of Beneficiary provides a means to update these designations whenever necessary. By employing a Mississippi Change of Beneficiary, individuals can have peace of mind knowing that the intended beneficiaries will receive the designated assets or benefits upon their passing. It is essential to diligently review and update beneficiaries when major life events occur, such as marriage, divorce, birth of a child, or the death of a beneficiary, to ensure that their intentions are properly documented and executed.
Mississippi Change of Beneficiary
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How to fill out Mississippi Change Of Beneficiary?
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?Learn More about PERS and Your Account Call 800-444-7377 or 601-359-3589, or e-mail us at customerservice@pers.ms.gov.
The minimum retirement age for service retirement for most members is 50 years with five years of service credit.
Survivor benefits include a one-time payment of $255 plus a percentage of the deceased worker's basic benefit. Eligible spouses are those who are at least 60 years old or 50 years old and disabled.
PERS is a defined benefit plan, which is a plan designed based on strength in numbers, automatic participation, and pooled risk so that members may receive a benefit for life at retirement.
No matter what option you select upon retirement, you will receive a monthly benefit and Cost-of-Living Adjustment (COLA) for life.
PERS 13th Check is the annual 3% cost of living increase given to current public sector employees and Mississippi retirees at the year's end. The 13th Check or payment is paid to the ex-employees entirely by employer contributions.
No provision exists for loans, partial refunds, or hardship withdrawals of member contributions. Refunding your account contributions means losing your membership in PERS as well as the accompanying service credit.
Change a beneficiary Generally, you can review and update your beneficiary designations by contacting the company or organization that provides your insurance or retirement plan. You can sometimes do this online. Otherwise, you'll have to complete, sign, and mail a paper form.