ADP

Updating and Tracking Beneficiary Information Online

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 Designating beneficiaries for their retirement plan assets is one of the most important financial decisions your plan's participants will ever make. Online beneficiary tracking on the participant web site makes managing and updating beneficiary information easy and hassle free.


How It Works

  • When an employee enrolls in your company's retirement plan, he or she will be prompted to select beneficiaries during the online enrollment process.
  • If a married participant wants to designate a beneficiary other than their spouse, he or she must download a beneficiary form, obtain the spouse's notarized signature, and file it with your company.
  • While participants who are currently enrolled in your plan and have a beneficiary form on file are not required to update their information online, you should encourage them to review their beneficiary information on a regular basis so it reflects their current situation and intentions.

Click below for a brochure you can share with your plan participants regarding the online beneficiary tracking process.

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Additionally, you can create a report of your participant's beneficiary information on the plan sponsor web site. Select "Custom on Demand" under "Reports" from the left navigation menu, then "Beneficiary Report."

Please note: Before processing any payout in the event of the death of a participant, it is important that you review both the beneficiary designation forms on file at your company and online beneficiary information to determine the most current beneficiary information for that participant.

*This feature may have been turned off for select plans that meet certain criteria.

Articles by Topic:

Financial Wellness
Beneficiary Information Online
Participant Web Site
Simplified Eligibility and Enrollment Process
Additional Mobile Functionality

 

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The information contained herein is intended as general information only, and nothing in these materials is intended to be, nor should be construed as, advice or a recommendation for a particular situation, individual or plan. ADP, LLC and its affiliates (ADP) do not endorse or recommend specific investment companies or products, financial advisors or service providers; engage or compensate any financial advisors for the provision of advice to plans or participants; offer financial, investment, tax or legal advice or management services; or serve in a fiduciary capacity with respect to retirement plans. Please consult with your own advisors for such advice.

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