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A beneficiary is a person that a Relaint Reliant employee designates to receive the funds in their 401(k)403(b)(9) retirement savings account, should the employee pass away. You Employees have the option to elect a primary and secondary beneficarybeneficiary. The role of a beneficiary may be distrubuted amounst more than 1 distributed to more than one person if desired. If a Relaint If a Reliant employee is over the age of 35 and married, the beneficary beneficiary will automatically default to his/her spouse (even if the employee had a previous beneficiray beneficiary on file with Principal). It is possible for a spouse to waive their right as beneficiary if another beneficiary is desired, but the spouse must provide their written consetn consent to Principal. It It is important to designate a beneficiary/beneficiaries and to keep them up to date, to save loved ones from the hassle of having to get a court order to should you pass away. To obtain these funds. To update or change your beneficiary see Changes to Beneficiaries.If a Reliant employee designates
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If a Reliant employee designates a minor to |
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be their beneficiary, there may be legal complications for the minor to have access to the |
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403(b)(9) funds prior to the |
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time they reach the age of 18. Therefore, in the case of minors, |
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Reliant employees may prefer to set-up a |
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trust in the name of the child and designate the trust |
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as their 403(b)(9) beneficiary. Please seek counsel from a legal advisor to make these |
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arrangements. |
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In the unfortunate case that a Reliant employee or former employee that participated in |
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Reliant's 403(b)(9)Plan (and didn't move their money to a new plan after they exited employment) passes away, Reliant will serve as a point of contact between Principal Financial Group and the deceased's family. Reliant will be responsible |
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to submit the proper |
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Death Notification Form |
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to Principal for the |
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403(b)(9) payout to the designated beneficiaries. To complete this |
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responsibility, Reliant will request a |
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certified copy of the death certificate from the deceased's family. |
For more information see this handout from Principal:
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