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You are required to designate two beneficiaries to receive any death benefits that may become payable under the Plan. You must complete the Designation of Beneficiary card and return it to the Plan Administration Office.
The beneficiaries you must name are:
- A Group Life Insurance beneficiary to receive the lump sum insurance payable on your death.
- A Survivor Income Benefit (SIB) beneficiary to receive the monthly income payable on your death.
Naming the Same Beneficiary for Both the Group Life Insurance and SIB Benefits
You may name the same beneficiary for both benefits or select separate beneficiaries. If you choose to name one person as the beneficiary for both benefits you must ensure that you have separately named that person as your beneficiary for each benefit.
Naming More Than One Person as Beneficiary
You may designate multiple beneficiaries under both benefits. However, if you name your spouse as your SIB beneficiary you cannot have multiple SIB beneficiaries because the SIB is payable to a spouse for their lifetime.
Naming Minor Children as Beneficiaries
Minor children can benamed as beneficiaries, however it is strongly recommended that you consult with your lawyer or the Pan Administration Office in order to ensure that you understand all of the implications of naming a minor child.
Changing Your Beneficiary
You can change your beneficiary at any time, by completing a Notification of Change of Beneficiary card. You must then re-designate other beneficiaries even if you are changing only one of them. |
