What to do when a Milliman account holder dies

Completed online.¹

Completed by the beneficiary. Sent by the institution on request.²

Empower's processing guide says that where no beneficiary was designated, or every designated beneficiary died before the participant, assets may be paid according to the plan document's default hierarchy or payout order.²

Milliman's guidance says: "If you don’t name a beneficiary and you die, federal and state laws (and default retirement plan rules) will determine who will receive the payment from your retirement account."³

Death claims on work retirement accounts at Empower, which acquired this business on 1 September 2026¹

Empower accepts official notice of death from anyone with knowledge of or involvement in the claim, and from plan administrators.¹

Empower's processing guide says the death certificate must include a cause of death where the state records one, and one listing the cause as "pending investigation" is not accepted.²

When notified, Empower secures the account. Beneficiaries are identified, accounts are created in their names, and they can then request a distribution.¹

Empower's processing guide says it checks that the death certificate is an original or certified copy filed in the state of death, removes online access, and places a disbursement hold on the account.²

Periodic payments scheduled before the death are paid as directed. Those scheduled after it are stopped, reversed if paid in the tax year of death, and reissued to the right claimants.²

Options for a confirmed beneficiary may include an IRA with Empower, regular payments over time, a transfer to an existing account, or a check.¹

Empower's processing guide says the plan administrator decides appeals on rejected claims, and instructs Empower if a claim is approved on appeal.²

Empower Retirement, LLC acquired Milliman's retirement and health and welfare administration business on 1 September 2026. For a limited transition period, Milliman provides certain services to Empower.⁴