How to designate beneficiaries at SchoolsFirst FCU

Deposit account beneficiaries are the parties named on the Membership application/signature card.¹

Traditional, Roth and SEP IRAs take a beneficiary on the Individual Retirement Account (IRA) Beneficiary Designation form.²

A 457(b) DCP Share Certificate takes a beneficiary on the DCP Beneficiary Designation Form.³

The 403(b), Roth 403(b), 401(a) and Nationwide Retirement Builder Plan 457(b) take a beneficiary on the Beneficiary Designation Form.⁴

When no owner of a joint account survives, the funds are distributed equally among the surviving beneficiaries.¹

The IRA form says a married owner's spouse should sign when a primary beneficiary other than, or in addition to, the spouse is named.²

On the retirement plan and DCP forms, a married participant naming someone other than the spouse needs spousal consent.^{4, 3}

For IRAs. Available to download.²

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For employer retirement plans. Available to download.³

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For employer retirement plans. Available to download.⁴

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SchoolsFirst recognizes the parties on the Membership application/signature card with the most recent date. The primary Member changes the ownership structure of any account by executing and dating a new card.¹

An attorney-in-fact may not name themselves as joint owner or beneficiary, and may not add or remove joint owners or beneficiaries unless the power of attorney document specifically says so.¹

Each new IRA beneficiary designation cancels all previous ones.²

On the retirement plan and DCP forms, an unmarried participant's designation becomes void one year after marriage (12 months on the DCP form).^{4, 3}

An IRA beneficiary designation is effective only when filed with SchoolsFirst during the owner's lifetime.²

A DCP Beneficiary Designation Form is effective within 5 business days after receipt.³

A Beneficiary Designation Form for the 403(b), Roth 403(b), 401(a) or Nationwide Retirement Builder Plan 457(b) is effective within 2 business days upon receipt.⁴

When a joint owner dies, the decedent's share is owned equally by the surviving owners. With no surviving owners or beneficiaries, the funds are subject to California probate law.¹

For an IRA with no designated beneficiary, or where all primary and contingent beneficiaries die before the owner, the estate is the beneficiary.²

For any transaction on a trust account, SchoolsFirst may ask the trustee for a Certification of Trust. It does not read, interpret or retain copies of the trust agreement.¹

The trustee agrees to notify SchoolsFirst of any change in the trust terms that affects the trustee's authority to transact on the account or the Membership status of the parties to the trust.¹

Trust services⁵