Virgin Islands Request for Change of Beneficiary of Annuity

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Multi-State
Control #:
US-01785BG
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Word; 
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Description

An annuity is a contract between you and an insurance company, under which you make a lump-sum payment or series of payments. In return, the insurer agrees to make periodic payments to you beginning immediately or at some future date. Annuities typically offer tax-deferred growth of earnings and may include a death benefit that will pay your beneficiary a guaranteed minimum amount, such as your total purchase payments.


There are generally two types of annuities -- fixed and variable. In a fixed annuity, the insurance company guarantees that you will earn a minimum rate of interest during the time that your account is growing. The insurance company also guarantees that the periodic payments will be a guaranteed amount per dollar in your account. These periodic payments may last for a definite period, such as 20 years, or an indefinite period, such as your lifetime or the lifetime of you and your spouse.


In a variable annuity, by contrast, you can choose to invest your purchase payments from among a range of different investment options, typically mutual funds. The rate of return on your purchase payments, and the amount of the periodic payments you will eventually receive, will vary depending on the performance of the investment options you have selected.

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How to fill out Request For Change Of Beneficiary Of Annuity?

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FAQ

How can I check on the status of my court-ordered benefit? You should call us at (202) 606-0222. If we do not have a court order for child support, alimony, or bankruptcy, you can send a facsimile to us at (202) 606-7958 when a garnishment is involved.

A court order acceptable for processing (COAP) is a legal ruling granting the ex-spouse or dependent of a federal employee the right to receive all or a portion of the benefits of a government retirement plan in the event of a divorce, a separation, or an annulment of a marriage.

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.

A revocable beneficiary can be changed at any time. Once named, an irrevocable beneficiary cannot be changed without his or her consent. You can name as many beneficiaries as you want, subject to procedures set in the policy. The beneficiary to whom the proceeds go first is called the primary beneficiary.

Under CSRS, a survivor annuity is payable. payable if the employee has 10 years of creditable service. If a separated former employee dies before retirement under CSRS, no survivor annuity can be paid to a former spouse, despite the terms of the court order.

Sometimes, that can lead to a shock when the account holder dies and the funds pass to someone else. When that happens it can raise the question: can a beneficiary designation be contested? The short answer is: yes.

When you retire, you may choose to designate a beneficiary to receive your pension benefit after your death. Depending on your plan and tier, you may also be eligible to name a beneficiary for a post-retirement death benefit. You may name the same or a different beneficiary for each benefit.

The policyholderPolicyholderThe person who owns an insurance policy is the only person allowed to make changes to your life insurance beneficiaries. The only exception is if you've granted someone power of attorney, a legal document that lets someone make financial, legal, or medical decisions on your behalf.

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Virgin Islands Request for Change of Beneficiary of Annuity