There are a number of types of designated beneficiaries. This section applies to the member’s Annuity Savings Account (ASA) or Rollover Savings Account (RSA). Your employees have the right to change a primary and/or contingent beneficiary at any time prior to filing for retirement or disability benefits.
An employee may name either single or multiple beneficiaries to receive the member’s ASA or if applicable the RSA if death occurs before retirement. Your employee may allocate benefit shares in percentage increments if he or she designates more than one beneficiary. In lieu of a named individual(s), your employee may also designate a trust or legal entity as his/her beneficiary. When naming a trust or legal entity as beneficiary, your employee must furnish PERF with the name, address and tax identification number of the trust or legal entity. PERF will also request a copy of the trust agreement.
Your employees can designate a new beneficiary by logging onto PERF Online or by filing a Change of Beneficiary Form (State Form 1856) with PERF. Failure to update beneficiaries could result in payment being made to a previously designated beneficiary.