What is a Beneficiary?

For 401(k)s accounts, your beneficiary is the person or organization you choose to receive the earnings in your 401(k) Plan if you were to pass away. There are two types of beneficiaries you can name:

• Your primary beneficiary is the first beneficiary you want to receive your 401(k) assets at your death.  If you are married, your primary beneficiary is your spouse unless you specify otherwise AND your spouse agrees in writing.

• Your contingent beneficiary will receive the assets if your primary beneficiary dies before you or declines to accept the inheritance.

For instructions on how to designate or update your beneficiary, visit: How do I update my Beneficiary?

For additional information regarding beneficiaries, review your Plan's Summary Plan Description accessible via your participant account with Jocelyn Pension Consulting.

After logging into your account, from your dashboard select the Forms & Reports menu and then Annual Notices, Forms & Fee Disclosures.

In the Annual Notices, Forms & Fee Disclosures window, expand the Form Group: Disclosures & Plan Documents and then select Summary Plan Description.  The file will automatically download.

Beneficiary details can be found in Article VIII, Benefits and Distributions Upon Death.