Designation Of Beneficiary For Retirees Who Elected A Lump Sum Option Form Page 2
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2RMS-5 (Page 2)
INSTRUCTIONS FOR DESIGNATING A BENEFICIARY
UNDER A LUMP SUM OPTION
1.
Please type or print in black or blue ink. This form must be properly notarized.
Any number of primary and contingent beneficiaries may be named, but you must designate at least one primary beneficiary.
2.
The same person or persons cannot be designated as both primary and contingent beneficiary. We can make payment to a
contingent beneficiary(ies) only if all primary beneficiaries die before you do. If you survive all of the beneficiaries named, we
would pay your estate.
Any alterations to this form must be initialed. Stipulations or attachments to your designation are not acceptable.
3.
If you desire more beneficiaries than can fit on one form, you must use an additional designation form, each clearly marked
4.
as “form 1 of 2” and “form 2 of 2,” etc. Each form must be signed, notarized, and submitted at the same time. Additional
forms can be acquired from the System.
New beneficiary forms filed will supersede any previous designation. Therefore, if you want to add a beneficiary, for example
5.
a new child, you must include on the new form all beneficiaries you wish to designate.
If you designate persons:
6.
•
List full names (e.g., Mary Smith not Mrs. John Smith). Unborn children may not be named.
•
Provide complete information requested for each beneficiary.
•
Beneficiaries should be listed separately (not Mr. and Mrs. on one line).
If you designate your estate:
7.
•
Use the words “My Estate” on the name line. Before naming your estate as beneficiary, we suggest you contact
the IRS or your tax advisor to determine the tax impact of such a designation.
•
If your estate is named as primary beneficiary, do not name a contingent beneficiary. A contingent beneficiary
would only be entitled to a benefit if the primary beneficiary ceases to exist before the member’s death.
If you designate the trustee of an Intervivos Trust:
8.
•
The trustee must be a person or a corporation and a true copy of the trust instrument, or a Certificate of Trust,
containing the names and addresses of the trustee and successor trustee must be submitted with your designation.
•
The following language must be used for the beneficiary’s name and address on the front of this form: “(name
of trustee), (address of trustee), as trustee of a trust created by instrument, dated (date of instrument), a true copy of
which is annexed hereto.”
If you designate the trustee of a Testamentary Trust:
9.
•
The will under which the trust is established must be your will.
•
The following language must be used in place of the beneficiary’s name and address on the front of this form:
“The trustee of the testamentary trust established by paragraph (number) of my will, dated (date of your will).”
10. If you designate a custodian for a minor:
•
The following sentence must be written in the space provided for the beneficiary’s name and address on the front of
this form: “(name of custodian) as Custodian for (name of minor) under the New York Uniform Transfers to Minors Act.”
The sex, relationship and date of birth refer to the minor, not the custodian.
BENEFICIARY DESIGNATION CHECKLIST
Did you indicate your Social Security number in the appropriate box on the reverse?
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Did you designate at least one primary beneficiary?
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Did you initial any changes, whiteouts, or erasures you may have made?
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If you indicated percentages for your primary beneficiaries, do the percentages equal 100%?
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Is your designation form signed and notarized?
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In order for your new designation to be acceptable, it must be completed properly,
notarized, signed and received by the System. If you have questions when
completing this form, please call us at (800) 356-3128, Ext. 6150.
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