Beneficiaries are the person(s) or entity(s) that will take ownership of the assets in your ShareBuilder 401k account in the event of your death. This is an important decision to make, and there may be local or federal laws that may require you to designate specific beneficiaries. For example, in accordance with federal pension laws, if you are married, your beneficiary will automatically be your spouse, unless they provide signed and notarized consent to allow selection of a different beneficiary.
Note: If you are having trouble determining who your beneficiaries should be, you may want to discuss this topic with an attorney or financial planner. You should keep your beneficiary form up to date, as major life events (birth, marriage, etc) may affect your beneficiary designation. In the case of an update, the new beneficiaries are effective as of the date that the completed and signed form is received by the appropriate person(s) at your employer.
If you still have questions about this topic or want additional information about ShareBuilder 401k, please contact our Customer Care team at 1-800-943-6108. Our agents are available from 9am - 8pm (Eastern Time), Monday-Friday, except for market holidays.