How to name beneficiaries and fund a trust at Paychex
Covers 9 retirement accounts — beneficiaries can be managed online
Paychex Support
Paychex Support
Paychex Retirement Services - Loans and Distributions
Paychex Retirement Services, Attn: Loans and Distributions, 1175 John Street, West Henrietta, NY 14586
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.
- Go to https://www.paychexflex.com and sign in (registration is at the same address via Sign Up)
- Select Retirement Services or the Retirement icon
- Add or update primary and secondary beneficiaries with name, relationship, SSN, address, and share percentage
- To name a trust, use the trust's full legal name and the trust EIN -- Paychex's death-benefit form treats a trust as "Beneficiary Name (or Trust Name)" with "Beneficiary SSN (or Trust EIN)"
Required Documents
- Trust name, date established, and tax ID (EIN or SSN)
Special Requirements
- RS0016: a married participant may have only ONE primary beneficiary -- the spouse -- unless the notarized Spousal Waiver is completed
- The Spousal Waiver must be witnessed by a notary public; it cannot be done electronically
- Beneficiary forms are held by the EMPLOYER, not by Paychex, so a copy should be kept with your estate records
- RS0016 covers Paychex qualified retirement plans (401(k), profit sharing, 403(b)). The SIMPLE IRA uses its custodian's beneficiary form instead.
- Beneficiary designations override wills and other estate documents
Sources
Data sourced from Paychex primary sources (18 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 Support
Paychex Support
Paychex Retirement Services - Loans and Distributions
Paychex Retirement Services, Attn: Loans and Distributions, 1175 John Street, West Henrietta, NY 14586
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