RETIREMENT PLAN FOR EMPLOYEES OF
THE UNIVERSITY OF MIAMI
INSTRUCTIONS FOR COMPLETING
DESIGNATION OF BENEFICIARY FORM
The attached Designation of Beneficiary Form pertains only to distribution of your benefit under the Retirement Plan for Employees of the University of Miami in the event of your death. It does not relate to, nor does it affect, any other beneficiary designation you have made for the distribution of death benefits from other University plans.
As a Plan participant, you have the right to designate who will receive your benefit under the Plan if you die prior to the time you start receiving your Plan benefit.
Designating Beneficiaries: A
person, trust or organization may be a beneficiary. If such a trust or
organization does not exist at your death, it will be treated as a person not
surviving you. If you designate a minor (an unmarried individual under the age
of 18) as a beneficiary, the University will make the appropriate distributions
to the minor’s natural guardian. If there is no natural guardian, the
University cannot make distributions directly to the minor. Therefore, you
should consult an attorney regarding the designation of a minor as a
beneficiary and the various mechanisms available to facilitate distribution in
the case where there is no natural guardian. The University does not
review beneficiary designations; it is your sole responsibility.
Primary Beneficiary is the person (or persons), trust or organization who shall first receive your benefit under the plan in the event of your death.
The column labeled “Percent” on page three permits you to leave beneficiaries different amounts. For example, you may have three beneficiaries one of whom you would like to leave fifty percent of your benefit and the others to whom you would like to leave twenty-five percent each. You would indicate this preference in the column labeled “percent” next to the names of the corresponding individuals.
Contingent Beneficiary is the person (or persons), trust or organization who will receive your benefit under the Plan if all of the Primary Beneficiaries predecease you and you have not designated a new Primary beneficiary.
If you are not married at
the time you execute this form, please be aware that the form will automatically
cease to apply on the date you marry and your spouse will be entitled to your
entire benefit upon your death.
Married Persons: Under Federal law, your spouse on the date of your death will automatically be your Primary Beneficiary. If you wish to name someone other than your spouse, you may do so only if your spouse completes the Spousal Consent Section on page four. If your spouse so consents, no change in the beneficiary designation may be made by you without executing a new Designation of Beneficiary Form with your spouse’s consent to the new designation, if he or she is not named as the sole Primary Beneficiary on the new form.
Explanation of Right to Preretirement Survivor Annuity
The law requires that you be informed about benefits under the Retirement Plan for Employees of the University of Miami (the “Plan”) which may become payable if you die before retirement. Generally, if you are married and if you die before payment of benefits under the Plan has begun, federal law requires that the value of any benefits otherwise payable under the Plan be paid in the form of a Preretirement Survivor Annuity to your spouse. This is an annuity form of payment providing your spouse with a series a monthly payments over his or her life. The precise dollar amount of the annuity will depend upon the value of your vested benefit under the Plan and your and your spouse’s ages.
However, beginning with the first day of the Plan year in which you attain age 35, you may elect at any time before your death to waive the Preretirement Survivor Annuity by designating someone other than your spouse to be your beneficiary for some or all of the benefits payable under the Plan as a result of your death.
In order for any such election to be valid, however, your spouse must consent in writing to any waiver that you elect. In addition, your spouse’s consent must be witnessed by a notary public. If you are not married, or if your spouse cannot be located or is otherwise unavailable, written spousal consent may not be necessary if you are able to establish such facts or circumstances to the satisfaction of the Plan Administrator. Also, if the present value of the Preretirment Survivor Annuity is $3,500 or less, the value of such annuity will be immediately distributed in a lump sum to your spouse.
You may revoke any waiver anytime before your death by designating your spouse as the sole beneficiary, and, if you do, the Preretirement Survivor Annuity will be restored for your spouse unless you properly make a new waiver election prior to your death.
It is important that you and your spouse understand your rights and obligations concerning the Plan benefit in the event of your death. You should direct any questions to the Plan Administrator. Also, because a spouse has certain rights to the Plan benefit upon your death, you should immediately inform the Plan Administrator of any change in your marital status.
RETIREMENT
PLAN FOR EMPLOYEES OF
THE UNIVERSITY OF
MIAMI
Designation of
Beneficiary
As a participant in the
Retirement Plan for Employees of the University of Miami (the
"Plan"), I hereby revoke any previous beneficiary designations I may
have made under the Plan and designate as my beneficiary or beneficiaries the
following (attach separate sheet if necessary):
Primary Beneficiary: Any benefit provided under
the Plan upon my death shall be payable to the following person(s) as shall
survive me in the percents specified, or in equal percents if not specified:
Note: If you are married and do not designate
your spouse as the only Primary Beneficiary, your spouse must sign the Spousal
Consent Section on the back of this form.
Relationship
Beneficiary
Name and Address Soc. Sec. No. Date of Birth to Participant Percent
Contingent
Beneficiary: If none of the Primary Beneficiaries identified above survive me, the
benefit shall be payable to the following person(s) who survive me in the
percents specified, or in equal percents if not specified:
Relationship
Beneficiary
Name and Address Soc. Sec. No. Date of Birth to Participant Percent
Two Witnesses To Your Signature Are Required Circle
One: Faculty Staff Administration
(cannot be named beneficiary or persons related to you)
___________________________________________ _________________________________________
Witness'
Signature Date Employee's Name (printed or typed)
__________________________________________ _________________________________________
Witness'
Signature Date Employee's Signature
Return
completed form to: (Interoffice) or (U.S.
Mail) 131 Max Orovitz Bldg P.O. Box 248106 Coral Gables Campus Coral Gables, FL 33124-1415 Locator Code: 1415
_________________________________________
Benefits
Administration
Employee's Social Security Number
_________________________________________
Date Signed
STATEMENT OF MARITAL
STATUS (check one):
_____ I AM NOT MARRIED. I understand that if I become married in the future, this Form automatically ceases to apply on the date of the marriage, and I should file a new Designation of Beneficiary Form.
_____ I AM MARRIED. I have designated my spouse as the only primary beneficiary or, if my spouse is not the only primary beneficiary, my spouse has signed the Spousal Consent Section below.
_______________________________________
(Employee’s Signature)
SPOUSAL CONSENT
NOTE: Your spouse must sign this section if
your spouse is not named as the only Primary Beneficiary. Your spouse’s
signature must be witnessed by a Notary Public.
I
understand that under the Plan and as required by federal pension law, under
the Employee Retirement Income Security Act of 1974 (ERISA), as amended, a
Preretirement Survivor Annuity in the form of a monthly benefit will be paid to
me for the remainder of my life if my spouse dies before his or her annuity
under the Plan begins.
However, I understand that under both the Plan and
ERISA, beginning with the first day of the Plan year in which my spouse attains
age thirty-five (35), he or she may elect at any time before his or her death
to waive the Preretirement Survivor Annuity.
I hereby certify that I have read the “Explanation
of Right to Preretirement Survivor Annuity” on page 2.
I hereby certify that I am the spouse of the
above-named participant, I have read the Designation of Beneficiary Form as
completed and signed by my spouse, and I hereby freely consent to the
beneficiary designations made herein. I understand that payment will be made to
such beneficiary or beneficiaries in the form provided by the Plan.
I acknowledge that by this consent I am specifically
waiving my right to receive a Qualified Preretirement Survivor Annuity under
the Plan. I may not revoke this consent. It will only be revoked if my spouse
revokes the beneficiary designations in writing either directly or by executing
a new Designation of Beneficiary Form. The designated beneficiaries may not be
changed at any time while I am married to the above-named participant (except
to designate myself as the sole Primary Beneficiary) without my written consent
on a form similar to this one.
___________________________ ______________________________ ________
Signature of Employee’s Spouse Print Name of Employee’s Spouse Date
STATE
OF________________________)
COUNTY
OF______________________)
I
HEREBY CERTIFY that the foregoing instrument was acknowledged before me this
_______ day of _____________ 19____, by ___________________________________,
who is personally known to me or who produced appropriate identification.
_____________________________________________________
Notary
Public, State of___________________________________
Notary
Seal
At
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