Beneficiary Form - Ohio Deferred Compensation - Ohio

The Beneficiary Form for Ohio Deferred Compensation in Ohio is used to designate who will receive the funds from an individual's deferred compensation account in the event of their death. It allows the account holder to specify the beneficiaries and the percentage of the funds they will receive.

The beneficiary form for Ohio Deferred Compensation in Ohio should be filed by the plan participant.

FAQ

Q: What is a beneficiary form?
A: A beneficiary form is a document that lists who will receive your assets after your death.

Q: What is Ohio Deferred Compensation?
A: Ohio Deferred Compensation is a retirement savings program for employees of the state of Ohio and participating public entities.

Q: Why do I need to fill out a beneficiary form for Ohio Deferred Compensation?
A: Filling out a beneficiary form ensures that your assets in the Ohio Deferred Compensation program will be distributed according to your wishes after your death.

Q: Who can I name as a beneficiary for Ohio Deferred Compensation?
A: You can name anyone as a beneficiary for Ohio Deferred Compensation, including individuals, trusts, or charitable organizations.

Q: Can I change my beneficiary designation for Ohio Deferred Compensation?
A: Yes, you can change your beneficiary designation for Ohio Deferred Compensation at any time by submitting a new beneficiary form.

Q: What happens if I don't fill out a beneficiary form for Ohio Deferred Compensation?
A: If you do not fill out a beneficiary form, your assets in the Ohio Deferred Compensation program may be distributed according to the default rules of the program or the laws of your state.

Q: Is my beneficiary designation for Ohio Deferred Compensation confidential?
A: No, your beneficiary designation for Ohio Deferred Compensation is not confidential and may be subject to public record requests or legal proceedings.

Q: Can I have multiple beneficiaries for Ohio Deferred Compensation?
A: Yes, you can name multiple beneficiaries for Ohio Deferred Compensation and specify the percentage of assets each beneficiary will receive.

Q: What happens if my beneficiary predeceases me for Ohio Deferred Compensation?
A: If your beneficiary predeceases you for Ohio Deferred Compensation, you should update your beneficiary form to ensure that your assets are distributed according to your current wishes.