Blain Retirement Healthy

You should complete your beneficiary selection as soon as you enroll in your retirement plan.

You should review your beneficiary selection at least once a year. You should also review your beneficiary information after major life events such as marriage, birth, adoption, divorce, or death of a loved one.

Your primary beneficiary would have access to your account when the time comes. A contingent beneficiary would have access should something happen to both you and your primary beneficiary.

Yes, you can name more than one primary and/or contingent beneficiary.

No, you do not need to name a person or a member of your immediate family. You can name a trust, charity, institution, or even a close friend. The most important thing is ensuring that your wishes are documented.

If you are married, your spouse is usually considered your primary beneficiary unless your spouse waives their beneficiary rights.

In the event no beneficiary designation exists, or if your named beneficiaries are not alive at the time of your death, your account will be paid according to the default beneficiary provisions of the plan.

The beneficiary provision for the Blain Retirement 401k is:

(e) Beneficiary if no Beneficiary elected by Participant. A Participant may, at any time, designate a Beneficiary for death benefits, if any, payable under the Plan that are in excess of the Pre-Retirement Survivor Annuity without the waiver or consent of the Participant's Spouse. In the event no valid designation of Beneficiary exists, or if the Beneficiary with respect to a portion of a Participant's desth benefit is not alive at the time of the Participant's death and no contingent Beneficiary has been designated, then such portion of the death benefit will be paid in the following order of priority, to:

1. The Participant's surviving Spouse;
2. The Participant's issue, per stirpes;
3. The Participant's surviving parents, in equal shares; or
4. The Participant's estate.

Of the Beneficiary does not predecease the Participant, but dies prior to the distribution of the death benefit, the death benefit will be paid to the Beneficiary's "designated Beneficiary" (or if there is no "designated Beneficiary," to the Beneficiary's estate.) For purposes of these provisions, and with respect to any Beneficiary designations, adopted children shall be treated as children.