Now is a great time to make sure your beneficiary designations are up to date!
Reviewing and maintaining beneficiary designations regularly is an important step to protect your benefit assets. Incorrect or outdated beneficiary information could cause problems for your family down the road.
Click on each individual benefit to review or update beneficiary information. Use the Beneficiary Designation Guide for step-by-step instructions on designating a beneficiary for each benefit.
- Life Insurance and AD&D
- Mister’s 401(k) Retirement Plan
- Mister’s Employee Stock Purchase Plan
- Health Savings Account
Q&A Designating a Beneficiary:
- What is a Primary Beneficiary? A person or person(s), first in line to receive death benefits and assets.
- What is a Contingent Beneficiary? A person or person(s), who can only receive death benefits if all primary beneficiaries are deceased.
- Can anyone be named as a beneficiary? Almost any person can be named as a beneficiary, although your state of residence or the provider of your benefits may restrict who you can name as a beneficiary. Make sure that you research your state’s laws before naming your beneficiary. If you are a resident of certain states, you may be required to list your spouse as your primary beneficiary and designate him or her to receive at least 50 percent of the benefit. In some states, you can name someone else with your spouse’s written permission.
- Can I name a minor as my beneficiary? Children under age 18 can be named as a primary or contingent beneficiary. However, if you were to die while they are still minors, the proceeds may be sent in their name to the legal guardian of the minor child’s estate.
- What information do I need for my chosen beneficiary? You will be asked for your chosen beneficiary(s) name, social security number, date of birth, address, and relation type.
For additional information or assistance with beneficiary designations, please contact Human Resources at 844-529-7392 or email [email protected]