How to designate beneficiaries at MissionSquare

Beneficiaries on workplace plans are updated online. The paper form is needed only when the designation requires spousal consent, since the consent and witness signatures cannot be captured online.¹

The Beneficiary Designation Form covers MissionSquare workplace plans.²

The Beneficiary Designation Form covers MissionSquare IRAs.²

The Beneficiary Designation Form does not address a MissionSquare Wealth Management taxable brokerage account.²

A trust can be named as beneficiary. MissionSquare requires a complete copy of the entire trust document with the designation; a certification or abstract of trust is not accepted.²

A charity can be named as beneficiary.²

A person other than the spouse can be named as beneficiary.²

Many 401 and 403(b) plans require the spouse as primary beneficiary for 100% of the account unless the spouse waives. The 403(b) rule MissionSquare publishes is a 50% minimum.²

In the VantageTrust Retirement IncomeAdvantage Fund, the spouse must be primary beneficiary for 100% of the account both when the benefit is locked in and at death, to lock in and keep spousal benefits.²

Percentages must be whole numbers and must total 100% for primary and, separately, for contingent beneficiaries. A non-whole number or a total other than 100% makes the designation invalid.²

If no percentages are given at all, the benefit is divided equally. At least one primary beneficiary is required.²

For a 457(b), the form requires spousal consent only for a participant in a community property state whose spouse is not primary beneficiary for at least 50%. Only a notary public may witness the waiver; an employer plan representative is not sufficient.²

For 401 and 403(b) plans, spousal consent is required if the plan rules say so. Either a notary public or an authorized employer plan representative may witness the spouse's signature.²

Completed by the participant, with the spouse and a witness where spousal consent is required. Available to download.²

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MissionSquare is not responsible for a participant's failure to designate a beneficiary in accordance with state law. Failing to satisfy state-law requirements may invalidate the designation and cause benefits to be paid under state law instead.²

A 457(b), 401(a), 401(k) or 403(b) account cannot be retitled into a trust during the owner's lifetime. A trust is named as beneficiary instead.²

A MissionSquare IRA cannot be retitled into a trust during the owner's lifetime. A trust is named as beneficiary instead.²

Under the MissionSquare Wealth Management account agreement, the accountholder represents that they are the sole accountholder and acknowledges that the account cannot be established as joint tenants with rights of survivorship or tenants in common.³

Brokerage accounts and IRAs on a separate platform, custodied at Apex Clearing Corporation¹