How to name beneficiaries and fund a trust at Newport
Covers 8 retirement, and 1 insurance accounts — beneficiaries can be managed online
Brand change
Ascensus and Newport closed their merger on April 8, 2022. Ascensus is the brand of the unified company; Newport continues as its executive-benefits and institutional-insurance business. newportgroup.com now redirects to ascensus.com. Beneficiaries of former Newport 401(k), 403(b), and pension plans go to Ascensus (secure.ascensus.com, 888-652-8086); beneficiaries of Newport NQDC / executive benefit plans use the Newport-branded portal (secure.newportgroup.com, 800-230-3950). Effective April 2022.
Newport is now part of Ascensus. The procedures below reflect Newport's accounts during the transition. View the Ascensus estate planning page.
Newport / Ascensus Participant Services
Newport / Ascensus Participant Services
Death claims run through the EMPLOYER / plan sponsor. Newport has no standalone claims department since the April 2022 Ascensus merger. Call participant services below, but expect the plan sponsor to initiate the claim and the plan document to control the payout.
Beneficiary designations on Newport 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.
Newport has 9 retirement accounts with different estate transfer rules. Here is how beneficiary designations, trust ownership, and probate apply to each one.
Required Documents
- Trust name, date established, and tax ID (EIN or SSN)
Special Requirements
- Spousal consent, witnessed by a notary public or a plan representative, is required for a married participant naming a non-spouse as primary beneficiary of an ERISA-covered qualified plan.
- A separate Qualified Pre-Retirement Survivor Annuity waiver applies to all money purchase pension, defined benefit, and target benefit plans, and to profit sharing and 401(k) plans that did not elect the REA Safe Harbor.
- Form 481 warns that if you are unmarried when you sign and later marry, your spouse becomes your primary beneficiary unless you file a new designation.
- If shares are not stated, multiple beneficiaries in a class are deemed to share equally. If a beneficiary predeceases the participant, that share is redistributed pro rata among the surviving beneficiaries in the class.
- A trust can be named as beneficiary of a qualified plan or, if the plan document allows, an NQDC plan. Use the trust's legal name and its own tax identification number.
- A governmental 457(b) is not an ERISA plan, so the federal spousal-consent rule does not apply; the plan document and state law control.
- A retirement plan beneficiary designation controls the account and overrides a will.
Sources
Data sourced from Newport primary sources (12 pages reviewed). How we research.
Download these Newport instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against Newport primary sources. Bring it to the branch or keep it beside the phone.
Newport / Ascensus Participant Services
Newport / Ascensus Participant Services
Death claims run through the EMPLOYER / plan sponsor. Newport has no standalone claims department since the April 2022 Ascensus merger. Call participant services below, but expect the plan sponsor to initiate the claim and the plan document to control the payout.
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