Beneficiary Designation Form - Nc 401(K) Plan - North Carolina

Beneficiary Designation Form - Nc 401(K) Plan is a legal document that was released by the North Carolina Department of State Treasurer - a government authority operating within North Carolina.

FAQ

Q: What is a beneficiary designation form?
A: A beneficiary designation form is a document that allows you to specify who will receive your retirement account assets in the event of your death.

Q: Why do I need to complete a beneficiary designation form?
A: Completing a beneficiary designation form ensures that your retirement account assets are distributed according to your wishes after your death.

Q: What is the NC 401(K) Plan?
A: The NC 401(K) Plan is a retirement savings plan available to employees of the State of North Carolina.

Q: Can I name multiple beneficiaries on the form?
A: Yes, you can name multiple beneficiaries on the form and specify the percentage of the assets each beneficiary will receive.

Q: What happens if I don't complete a beneficiary designation form?
A: If you don't complete a beneficiary designation form, your retirement account assets may be distributed according to the default rules of the plan or state law, which may not align with your wishes.

Q: Can I change my beneficiaries after I've completed the form?
A: Yes, you can generally change your beneficiaries at any time by completing a new beneficiary designation form.

Q: Do I need to update my beneficiary designation form if my circumstances change?
A: Yes, it is important to review and update your beneficiary designation form if there are any changes in your personal circumstances, such as marriage, divorce, or the birth of a child.