How to designate beneficiaries at BPAS
Beneficiaries are managed online, by phone or by mail
Beneficiary designations on BPAS retirement retirement accounts carry more weight than most people realize. They override a will, control who receives the balance, and determine the tax treatment of inherited distributions. Reviewing these designations after any major life change is essential.
With 17 product types, BPAS offers a range of transfer options. Some retirement accounts support beneficiary designations on tax-advantaged accounts, others can be retitled into a trust, and some require probate if no beneficiary is designated. The sections below break down each step.
Beneficiary form at BPAS
Beneficiary Form (for employer retirement plans) and Spousal Consent form (for employer retirement plans).
- Name, relationship, date of birth, Social Security number, and percentage allocation
- For trust beneficiaries: enter trust name, date established, trustee name, and EIN
- Beneficiary name, relationship, date of birth, Social Security number, and percentage allocation
- For trust beneficiaries: trust name, date established, trustee name and contact information, and EIN
- For a trust: attach a copy of the Certificate of Trust or relevant trust pages
Required Documents
- Beneficiary's name and relationship
- Beneficiary's date of birth
- Beneficiary's Social Security number
- Percentage allocation for each beneficiary
- Trust name, date established, trustee name and EIN (when naming a trust)
- Trust document or Certificate of Trust (when naming a trust). A Certificate of Trust (Certification of Trust) or the complete trust agreement is accepted; on the paper form, a copy of the Certificate of Trust or the relevant trust pages is attached
- Trust amendment pages (when naming a trust, if applicable)
- Trustee identification (government-issued ID) (when naming a trust)
- Completed Beneficiary Form (where the employer has not enabled online designation). Returned to the employer's HR team, not to BPAS
- Notarized Spousal Consent form (if married and naming anyone other than the spouse on an ERISA plan)
What BPAS says about beneficiaries and trusts
Each section is BPAS's own statement, with the document it comes from numbered under Sources.
Which accounts take a beneficiary3
- Employer retirement plan
Online Beneficiary Designation is an optional feature each plan sponsor elects. BPAS offers it at no additional cost for any plan on its platform; if the employer has not enabled it, the portal has no beneficiary section.1
- Pension
Defined benefit pension accounts use a separate portal and do not offer online beneficiary designation.2
- IRA
IRA account holders have 24/7 online access and designate beneficiaries themselves, with no employer involved.1
Who can be named1
- A trust, employer retirement plans
A trust can be named as beneficiary: online where the employer has enabled Online Beneficiary Designation, otherwise on the paper Beneficiary Form kept in the employer's HR file.1
- A trust, IRAs
A BPAS IRA holder names a trust directly online, with no employer involved.1
How many beneficiaries, and how shares are split
- All accounts
Primary and contingent beneficiaries are named, each with a percentage allocation.1
What a designation takes to be effective
- Employer retirement plan
On an ERISA plan, a married participant who names anyone other than the spouse needs a Spousal Consent form, printed and signed before a notary public with the spouse present, then given to HR. BPAS states the designation "isn't valid without a properly completed Spousal Consent form".3
Where a married participant names a trust that is not solely for the spouse, the notarized spousal consent is required for the trust designation on a 401(k), 403(b) or defined benefit plan.1
Until HR has the notarized consent, the plan sponsor portal reports the designation under "Outstanding Spousal Consent Forms".4
Beneficiary forms BPAS issues2
- Beneficiary Form
For employer retirement plans. Completed by the participant, returned to the employer's HR team. Sent by the institution on request.4
- Spousal Consent form
For employer retirement plans. Completed by the participant and spouse, before a notary public, then given to HR. Completed online. Must be notarized.3
What BPAS's agreement says about beneficiaries2
- Who can see the designation
BPAS states that it "doesn't enter paper designations into our recordkeeping system so you don't need to forward them to us." A paper designation exists only in the employer's HR file.3
An online designation is time- and date-stamped and reaches the plan sponsor portal in real time. The Beneficiary List and Beneficiary Change History reports BPAS gives sponsors cover "designations made online" only.4
- Changing or revoking a designation
BPAS states that "Existing paper designations are valid until a participant makes a change either through the OBD process or with another paper designation (if accepted by HR)". An online designation overrides an older paper one.1
What BPAS says about trust accounts1
- Whether a new account is opened
Retirement accounts (IRAs, 401(k)s and defined benefit plans) cannot be retitled to a trust during the account owner's lifetime.1
Not in BPAS's published guidance1
- Which trust documents it accepts
Sources4
- 1.BPAS participant portal
- 2.BPAS defined benefit pension portal
- 3.Online Beneficiary Designation sheet
- 4.BPAS plan sponsor portal
Sources
Data sourced from BPAS primary sources (17 pages reviewed). How we research.
Download these BPAS instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against BPAS primary sources. Bring it to the branch or keep it beside the phone.
BPAS estate support
Participant Services Center
Phone
Callback requests
Partners and employers (all questions)
Puerto Rico and Spanish-language support
Defaulted loan payoff quotes
Fax
Hours
Mailing address
Website
Estate requests go through general customer service.
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