Accumulator
Common Questions
Topics
Beneficiary
- How can I change the beneficiary on my annuity contract?
The beneficiary can be changed at the written request of the contract owner. Click here to print a request form and instructions. After completing and signing, return to us at the address noted on the form.
- Is spousal consent required to change a beneficiary?
This only applies to certain plans. For TSA plans subject to the Employee Retirement Income Security Act of 1974 (ERISA), the spouse's consent is required for any payment other than in the form of a Qualified Joint and Survivor life annuity.If a participant were naming someone other than his/her spouse as the beneficiary of a contract that is subject to ERISA, he/she would need to have his/her spouse's signature as well as his/her own. The spouse would be agreeing to have someone other than himself or herself assigned as the beneficiary, and would need to have their signature notarized. By their signature they are agreeing to forfeit their entitlement to the benefits of the contract. If the participant is not married, they would need to state that on the beneficiary request form and have their signature notarized.
Spousal Consent is required for loans, withdrawals or surrenders, as the spouse is entitled to benefits under the retirement plan according to the Retirement Equity Act of 1984 (REA).
