When was the last time you checked the beneficiary information on your retirement account? Have you married, divorced, or had children? Under certain circumstances, your marriage or divorce will automatically revoke prior beneficiary designations. Your loved ones are important – and when you are no longer there to care for them, make sure that your retirement savings are kept safe and that your funds are distributed according to your wishes. Even if you have a will, it does not govern your retirement account(s), so it is important that your beneficiary designation(s) reflect your current situation.
To designate your beneficiary(ies) or change your current beneficiary(ies), simply log in to your account at www.abaretirement.com, select Personal Information -> Beneficiary Information -> Add/Edit Beneficiary. Once you add your information just click Submit. If you previously submitted a Beneficiary Designation Form, your designation(s) will appear online and you will be able to edit them as needed.
Once you elect your beneficiary(ies) you must provide a copy of your confirmation notice containing your beneficiary information to your employer to keep on file at the firm. If you completed a form, please make a copy and give it to your employer to keep on file at the firm before submitting the completed, signed form to the Program at the address provided.