Understanding Survivor and Death Benefits - Public School ...

Designating a BeneficiaryDesignating a beneficiary ensures that the lump-sumdeath benefit and any refund of contributions arepaid according to a member’s wishes.Any person, trust, church, charity, or organizationcan be named as a beneficiary. If more than oneindividual or organization is named, all shareequally in the benefit unless specific percentages aredesignated.Benefits payable to a minor child are paid in careof the minor’s guardian. Members may establish acustodian other than the minor’s guardian under theIllinois Uniform Transfers to Minors Act.A creditor may not be named as a beneficiary as ameans of providing security for a debt.It is important to update the Designation ofBeneficiary form as life events occur, includingmarriage, civil union, death, birth, or divorce.A member may change the designation at any timeby submitting a new form to CTPF. The designationform must be on file at CTPF prior to themember’s death.The information contained on the Designation ofBeneficiary form is confidential and will not bedisclosed to anyone. Members who cannot locate acopy of the current designation and/or cannot recallthe named beneficiary, should contact CTPF torequest a new designation form.The only person who may sign and submit anew Designation of Beneficiary form is the CTPFmember. No representative, including a powerof attorney, guardian, conservator, trustee, orrepresentative payee, can sign this form or submita new form.9