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A beneficiary is a person that a Reliant employee designates to receive the funds in their 401(k403(b)(9) retirement savings account, should the employee pass away. Employees have the option to elect a primary and secondary beneficiary. The role of a beneficiary may be distributed to distributed to more than one than one person if desired. If a If a Reliant employee is over the age of 35 and married, the beneficiary will automatically default to his/her spouse (even if the employee had a previous 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 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 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 arrangements. |
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| In the unfortunate case that a Reliant employee or former employee that participated in Reliant's |
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| 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 to submit the proper 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 responsibility, Reliant will request a certified copy of the death certificate from the deceased's family. |
For more information see this handout from Principal:
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