Like many other big changes in your life, when you marry in retirement, it’s the perfect time to review your account information. You may be able to name a new beneficiary, depending on the type of MERS program you have. Help figuring out what program you have.
Jump to your program:
Defined Benefit Plan • Defined Contribution Plan • Hybrid Plan • Health Care Savings Program • 457 Program
MERS Defined Benefit Plan
To change your beneficiary, please go to Beneficiary Change Request (Form 21).
For more information on naming your beneficiary, refer to the Defined Benefit Plan Member Handbook found on our website. If you have questions about how and whether you can change your beneficiary, please contact MERS Service Center.
MERS Defined Contribution Plan
Your spouse is always the primary beneficiary and is entitled to 100 percent of benefits unless they waive this right in writing. If your spouse waives their rights, you may choose one or more persons as your primary or contingent beneficiary. You may also choose to name a trust, estate or any legal entity as your beneficiary.
Please make sure the Defined Contribution Beneficiary Designation Form (MD-003) is up-to-date with your new spouse’s information.
For more information, please consult your Defined Contribution Member Handbook or contact our Service Center.
MERS Hybrid Plan
Hybrid Part I — Your Defined Benefit Portion
When you marry in retirement, you will be able to name a new beneficiary depending on the form of payment you selected when you applied for retirement. For example, you can name a new beneficiary if you selected Straight Life as your form of payment.
To change your beneficiary, please go to Beneficiary Change Request (Form 21).
Hybrid Part II — Your Defined Contribution Portion
A spouse is always your primary beneficiary and is entitled to 100 percent of benefits unless they waive this right in writing. Please make sure the Defined Contribution Beneficiary Designation Form (MD-003) is up-to-date with your new spouse’s information.
For more information, consult your MERS Hybrid Retirement Plan Member Handbook or call our Service Center.
MERS Health Care Savings Program
Your Health Care Savings Program provides coverage for post employment medical expenses for you, your spouse and any legal dependents, as well as a named beneficiary. The definition of legal dependent has been expanded to include any children less than 26 years of age.
When your family changes, make sure you make the change on the Health Care Savings Program Beneficiary Designation Form (MD-103) at any time, before or after you leave current employment.
For more information, consult the MERS Health Care Savings Program Participant Handbook or call our Service Center.
MERS 457 Program
Your 457 Program beneficiary will receive your account balance upon your death and will have all the same account privileges you had, including investing in any funds offered or requesting distributions.
You may name your spouse, children, non-spouse, a trust and/or charity as a beneficiary, by using the 457 Beneficiary Designation Form (MD-403). Your spouse would access the account using the 457 Spousal Beneficiary Distribution Request Form (MD-406).
There are two kinds of beneficiaries you can name:
- A primary beneficiary(ies), entitled to your remaining account balance in the event of your death.
- A contingent beneficiary entitled to receive the remaining account balance in the event of your death and your primary beneficiary’s death.
The rules regarding distributions to beneficiaries vary greatly based on certain conditions. Please contact our Service Center to discuss your specific circumstances and available options.
For more information, consult your MERS 457 Supplemental Retirement Program Participant Handbook or contact our Service Center.