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Generally, you will need to fill out a change of beneficiary form which includes information such as the policyholder's name, the new beneficiary's name, and the reason for the change. You may also need to provide a copy of the policyholder's death certificate if the beneficiary is being changed due to their death.
If you do not have a spouse, or your spouse gives up their beneficiary rights to your pension benefit, you can name other people as your beneficiary(ies). These can include your children, other family members, friends or others. You can also name organizations, trusts or your estate as beneficiaries.
When a participant in a retirement plan dies, benefits the participant would have been entitled to are usually paid to the participant's designated beneficiary in a form provided by the terms of the plan (lump-sum distribution or an annuity).
Irrevocable beneficiaries cannot be removed once designated unless they agree to it?even if they are divorced spouses. Children are often named irrevocable beneficiaries to ensure their inheritance or secure child support payments.
When you initially enroll in your employer's pension plan, you'll be asked to name a beneficiary. The beneficiary is the person who will receive your pension when you die. Much like naming a beneficiary on a life insurance policy, you can name one or more individuals to receive the benefits of your pension.
The policy owner is the only person who can change the beneficiary designation in most cases. If you have an irrevocable beneficiary or live in a community property state you need approval to make policy changes. A power of attorney can give someone else the ability to change your beneficiaries.
The Special Death Benefit is a monthly allowance to an eligible surviving spouse, eligible registered domestic partner, or unmarried child under age 22 equal to half of the member's average monthly salary for the last 12 or 36 months, regardless of the member's age or years of service credit.
The beneficiary of your pension fund account is your spouse. If you do not have a surviving spouse as of your date of death, your contributions will be paid to your children or guardian of your children.