When you enroll, it is important to designate a beneficiary who will receive your vested plan account balance in the event of your death.
If you are married, plan provisions require your spouse to be your designated beneficiary for the retirement portion of the Comprehensive Plan unless your spouse waives that right by completing the MMBB Spousal Waiver form (B-7). The form must be notarized. If you have not submitted a beneficiary election and are not survived by a spouse, your beneficiary designation is your estate. You can request a spousal waiver form by contacting a Senior Benefits Specialist. The form will be sent to your mailing address on file. Return your completed spousal waiver form to MMBB Financial Services, 475 Riverside Drive, 17th Floor, New York, NY 10115.
The following rules apply to beneficiary designations:
The latest valid beneficiary designation on file with MMBB at the time of your death governs.
It is important to make sure that your beneficiary designation on file is in line with your current wishes. You can check your beneficiary designation by contacting a Senior Benefits Specialist.
You can change your beneficiary(ies) at any time. You can request a Designation of Beneficiary form by contacting a Senior Benefits Specialist. The form will be sent to your mailing address on file. Return your completed Designation of Beneficiary form to the address on the form.