What is a Beneficiary and How Do I Designate a Beneficiary?

For 401(k)s accounts, a beneficiary is the person or organization you choose to receive the balance in your 401(k) plan upon your death. There are two types of beneficiaries:

• Your primary beneficiary is the first beneficiary you want to receive your 401(k) assets at your death.  If you are married, your primary beneficiary is your spouse unless you specify otherwise AND your spouse has completed a spousal consent form.  

• Your contingent beneficiary will receive the assets if your primary beneficiary dies before you or declines to accept the inheritance.

Designating A Beneficiary: 

You can update your beneficiary online at any time using the HowardSimon Retirement Portal.  

From the participant dashboard, click on the gear icon in the upper right-hand corner of the page.

From the menu that appears, select Beneficiaries.

In the Beneficiaries window, you will be able to update, add or delete a beneficiary.  You are required to have at least one primary beneficiary, and the total primary beneficiary percent must equal 100%. 

IMPORTANT NOTE: If you are married and you wish to designate a primary beneficiary OTHER than your spouse, please be aware that your spouse must consent to this beneficiary designation. To designate a primary beneficiary OTHER than your spouse, you will need to complete the Beneficiary Designation Form.  

If you are married, you may designate anyone as your contingent beneficiary. If you are single, you may designate anyone as your primary or contingent beneficiary. Your beneficiary designation can have important tax, estate and/or legal implications. Please consult with a financial or tax advisor regarding the impact of your beneficiary designation.

To download the Beneficiary Designation From, select the Forms & Reports menu and then Annual Notices, Forms & Fee Disclosures.

Expand the Form Group: Participant Forms and click on Beneficiary Designation Form.  The form will automatically download to your browser.   Once the form is completed and signed, a copy should be provided to your Plan Administrator for their records.  If you are married and designating someone other than your spouse as the primary beneficiary the form will need to be signed by your spouse and notarized.

Additional Information:

For additional information regarding beneficiaries, review your Plan's Summary Plan Description accessible via your participant account with Howard Simon.

After logging into your account, from your dashboard select the Forms & Reports menu and then Annual Notices, Forms & Fee Disclosures.

In the Annual Notices, Forms & Fee Disclosures window, expand the Form Group: Disclosures & Plan Documents and then select Summary Plan Description.  The file will automatically download.

Beneficiary details can be found in Article VIII, Benefits and Distributions Upon Death.

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