How to designate beneficiaries at Ascensus

The process varies by plan type and plan sponsor. Some plans restrict online beneficiary changes and require the paper form.¹

For an IRA held at a bank or credit union, the change is made through that institution rather than by Ascensus.²

For an HSA held at a bank or credit union, the change is made through that institution rather than by Ascensus.²

A trust can be named as beneficiary. The form asks for the trust name, the date established, the trustee and the trust EIN.^{3, 4, 5}

Primary and contingent beneficiaries are named with a percentage share for each.¹

Form 481 states that if no percentages are indicated, multiple beneficiaries share equally, and that a person or entity marked neither primary nor contingent is deemed a primary beneficiary.³

For an ERISA-covered plan, spousal consent is given on Form 481 itself, in its Current Marital Status and Spousal Consent blocks. The form states that a married participant's spouse is the primary beneficiary unless the spouse consents in writing, and must also consent to any later change.³

The Form 481 survivor annuity waiver applies to money purchase pension, defined benefit and target benefit plans, and to 401(k) and profit sharing plans without the REA Safe Harbor. A waiver signed before age 35 is invalid from the plan year the participant turns 35 and must be re-signed.³

For employer retirement plans. Completed by the participant. Available to download.³

For employer retirement plans. Completed by the participant. Available to download.⁴

For IRAs. Sent by the institution on request.⁵

For IRAs. Sent by the institution on request.⁵

For health savings accounts. Sent by the institution on request.⁵

For coverdell education savings accounts. Sent by the institution on request.⁵

Beneficiary designations override wills and other estate planning documents.¹

Form 481 has no per stirpes default. If a beneficiary dies before the participant, that beneficiary's interest and their heirs' interest ends, and the remaining beneficiaries' shares increase pro rata.³

On Form 481, "REPLACE BENEFICIARY(IES)" revokes every prior designation. "ADD BENEFICIARY(IES)" supplements the earlier list and requires naming the document the earlier beneficiaries are listed on and its date.³

If adding a beneficiary changes anyone's share, Form 481 directs the participant to restate all beneficiaries and their percentages.³

Former Newport 401(k), 403(b) and other qualified plans are serviced by Ascensus. Participants in those plans log in at the Ascensus participant portal ("Former Newport & PAi Log in").^{6, 1}

A 401(k) or 403(b) cannot be retitled to a trust during the account owner's lifetime. The trust is named as the account beneficiary instead.¹

An IRA cannot be retitled to a trust during the account owner's lifetime. The trust is named as the account beneficiary instead.¹

Retirement accounts (IRAs, 401(k)s and 403(b)s) cannot be retitled to a trust during the account owner's lifetime.¹

Nonqualified deferred compensation (NQDC) plans⁷