Beneficiaries

Question 1

What is a primary beneficiary?

Answer 1

The receiver of benefits in the event of death. Can be more than 1 person /trust /estate. When a person designates primary beneficiaries, they are making a “per person” designation. If one of the primary beneficiaries pre-deceases the account owner, their portion of the account passes to the living primary beneficiary(ies).

Question 2

What is a contingent beneficiary?

Answer 2

Receiver of benefits if all primary beneficiaries pre decease the account owner

Question 3

Where would you find the script you read for a beneficiary update?

Answer 3

Beneficiary designation form in knowledge.

Question 4

How would you find what level of outsourcing on a plan?

Answer 4

Participant account > beneficiary information

Question 5

How would you determine how a participant can update their beneficiaries?

Answer 5

Participant account > beneficiary information. View level. Use beneficiary chart in knowledge

Question 6

How do you find the minimum required percentage for a spouse beneficiary?

Answer 6

Plan > withdrawals > Under normal forms of payment look at Qualified Pre Retirement Annuity