Beneficiary Election Defined Benefit Plan for Active Employees - City of Fort Worth, Texas

Beneficiary Election Defined Benefit Plan for Active Employees is a legal document that was released by the Employees’ Retirement Fund - City of Fort Worth, Texas - a government authority operating within Texas. The form may be used strictly within City of Fort Worth.

FAQ

Q: What is a beneficiary election?
A: A beneficiary election is the process of choosing a person or entity to receive the benefits of a defined benefit plan upon the death of the plan participant.

Q: What is a defined benefit plan?
A: A defined benefit plan is a retirement plan in which the employer guarantees a specific monthly benefit to eligible employees upon retirement, based on a formula that takes into account factors such as their years of service and salary history.

Q: Who is eligible for the beneficiary election in the City of Fort Worth, Texas?
A: Active employees of the City of Fort Worth, Texas are eligible to make a beneficiary election for the defined benefit plan.

Q: What happens if a beneficiary is not elected?
A: If a beneficiary is not elected, the benefits of the defined benefit plan may be distributed according to the plan's default provisions, which could be based on state law or the plan's terms.

Q: Can the beneficiary election be changed?
A: In most cases, the beneficiary election can be changed by the plan participant at any time, as long as it is done in accordance with the plan's rules and procedures.

Q: Are there any restrictions on who can be chosen as a beneficiary?
A: There may be certain restrictions on who can be chosen as a beneficiary, such as age requirements or relationship to the plan participant. These restrictions should be outlined in the plan's documentation.

Q: What happens to the beneficiary election if the plan participant gets divorced or remarried?
A: Divorce or remarriage can have an impact on the beneficiary election, and it is important for plan participants to review and update their beneficiary designation if necessary to ensure it reflects their current wishes.

Q: What documentation is needed to make a beneficiary election?
A: The City of Fort Worth, Texas may require certain documentation to accompany the beneficiary election, such as proof of relationship to the plan participant or other relevant information.

Q: Who should I contact if I have questions about the beneficiary election for the defined benefit plan?
A: For questions about the beneficiary election for the defined benefit plan, it is recommended to contact the appropriate department or representative of the City of Fort Worth, Texas for assistance.