How to designate beneficiaries at Paychex
Beneficiaries are managed online or by mail
Beneficiary designations on Paychex 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.
The transfer rules at Paychex vary across 9 retirement accounts. Below is a breakdown of beneficiary options, trust funding, and which products support each method.
Beneficiary form at Paychex
Beneficiary Designation Form - Qualified Retirement Plan (RS0016) (for employer retirement plans).
Open the form →- Register at paychexflex.com (Sign Up), then log in and select Retirement to reach plan details
- Enter beneficiary information through paychexflex.com or the Paychex Flex App
- Download the form
- For each primary and secondary beneficiary the form collects relationship (Spouse or Other), name, address, SSN, and share percentage
- Enter your employer name, office/client number, and your own name, SSN, and address
- Check the Married or Not Married box
- List primary and secondary beneficiaries with relationship, name, address, SSN, and share percentage
- For a trust, complete a beneficiary line for the trust, checking "Other" for relationship
Required Documents
- Beneficiary's name (for each primary and secondary beneficiary)
- Beneficiary's relationship (Spouse or Other) (for each primary and secondary beneficiary)
- Beneficiary's address (for each primary and secondary beneficiary)
- Beneficiary's Social Security number (for each primary and secondary beneficiary)
- Share percentage for each beneficiary
- Your employer name and office/client number, and your own name, SSN and address (on the paper form)
- A beneficiary line for the trust, with "Other" as relationship (when naming a trust on the paper form)
- Completed Beneficiary Designation Form (RS0016), or the equivalent entry in Paychex Flex
- Notarized Spousal Waiver on RS0016 (if married and naming a primary beneficiary other than the spouse, a trust included)
What Paychex says about beneficiaries
Each section is Paychex's own statement, with the document it comes from numbered under Sources.
Which accounts take a beneficiary1
- Employer retirement plan
Paychex's employer booklet "Your Company 401(k) Plan" states that all newly enrolled participants must complete a Beneficiary Designation.1
A trust is connected to a Paychex plan account by naming it as beneficiary, on RS0016 or in Paychex Flex. RS0016 has no separate trust section.2
Who can be named3
- A spouse, employer retirement plans
Under RS0016 a married participant has one primary beneficiary, the spouse, unless the Spousal Waiver section is completed and notarized.2
Under RS0016, if you are not married and later marry, your spouse will be your primary beneficiary unless you complete a new Beneficiary Designation Form and your spouse consents.2
- A trust, employer retirement plans
Paychex's death-benefit form RS0084 lists "individuals or revocable trusts" as non-spouse beneficiaries, and identifies a trust by its name, its EIN and the trustee's name.3
- A person, employer retirement plans
Paychex's death-benefit form RS0084 lists "individuals or revocable trusts" as non-spouse beneficiaries.3
How many beneficiaries, and how shares are split
- Employer retirement plan
RS0016 takes primary and secondary beneficiaries, each with a share percentage.2
What a designation takes to be effective
- Employer retirement plan
A married participant who names a primary beneficiary other than the spouse needs the spouse's signature on the RS0016 Spousal Waiver, witnessed by a notary public.2
Beneficiary forms Paychex issues1
- Beneficiary Designation Form - Qualified Retirement Plan (RS0016)
For employer retirement plans. Completed by the participant, returned to the employer. Available to download.2
What Paychex's agreement says about beneficiaries1
- When a designation takes effect
A designation or change is effective only upon delivery to the plan administrator.2
Sources
Data sourced from Paychex primary sources (10 pages reviewed). How we research.
Download these Paychex instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against Paychex primary sources. Bring it to the branch or keep it beside the phone.
Paychex estate support
Paychex Support
Phone
Toll-free
Client support — COBRA, Health and Benefits Help
Paychex HR PEO employee support (Paychex Flex)
Paychex HR PEO client Retirement Services Help
Client support — Flexible Spending Account Help
Website
Estate requests go through general customer service.
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