Enjoy all the benefits of online beneficiary designation (OBD) service, including:
- The ability for participants to add up to 10 beneficiaries
- The ability for you to update beneficiaries on participants’ behalf
- Beneficiary names displayed on participant statements
- Online beneficiary change notifications on the message center
- Beneficiary reporting
OBD is a notification system for plan sponsors. Plan sponsors are responsible for all due diligence of participant beneficiary-entered data. Plan sponsors are responsible for ensuring that beneficiary designations are valid and meet plan requirements. Plan sponsors are also responsible for ensuring that death benefits are paid to the appropriate beneficiary and for approving death benefit distributions. A paper beneficiary form is required for spousal consent and to collect personal identification and contact information for listed beneficiaries. Beneficiary designations provided through the online beneficiary designation service will also be displayed on participants’ statements. All of your designated client and plan consultant (TPA) contacts (other than payroll administrators) may view beneficiary information online. In addition, all designated contacts (including the TPA, who is authorized to update census information) will also be able to add, edit, and update participants’ beneficiary information on the plan sponsor website.
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Online beneficiary designation will be added to your plan as soon as the administratively practicable –you will receive email confirmation via Message Center once this feature is available to your participants.