Designating a Beneficiary

All eligible employees enrolled in the Teachers’ Pension and Annuity Fund (TPAF) or the Public Employees’ Retirement System (PERS), and/or covered under district-provided life insurance or supplemental retirement plans (e.g., 403(b), 457(b)), must designate a beneficiary or beneficiaries to receive benefits in the event of the employee’s death. Proper designation of beneficiaries ensures timely distribution of applicable benefits and helps avoid legal disputes or delays.

Voluntary Retirement Plans (403(b), 457(b), etc.)

Employees must contact the financial institution administering their voluntary retirement plan directly to complete or update a beneficiary designation form.
Each plan may have specific requirements for primary and contingent beneficiaries and may require notarized signatures.

Types of Beneficiaries

Primary Beneficiary: The individual(s) or entity(ies) who will receive benefits upon the employee’s death.
Contingent Beneficiary: The individual(s) or entity(ies) who will receive benefits only if all primary beneficiaries are deceased or ineligible.

Employees may designate more than one beneficiary and assign specific percentage allocations to each.

The most recently filed valid beneficiary designation on record will supersede any prior designations.

Responsibilities of the Employee

It is the sole responsibility of the employee to ensure that beneficiary information is accurate and current.
Employees should review their designations periodically, particularly following life events such as marriage, divorce, birth of a child, or the death of a previously named beneficiary.

Failure to Designate a Beneficiary

If no valid beneficiary designation is on file at the time of the employee’s death, benefits may be distributed according to statutory order or plan default rules, which may not reflect the employee’s intentions.

Minor Beneficiaries

Children under the age of 18 may be designated as either primary or contingent beneficiaries. However, in accordance with state and federal regulations, a legal guardian must be appointed to manage the minor’s estate in the event of the employee’s death. It is the responsibility of the employee to ensure that appropriate legal arrangements are in place, as benefit providers cannot release funds directly to a minor without court-appointed guardianship documentation.

Confidentiality

All beneficiary information is handled with strict confidentiality and maintained in accordance with federal and state regulations governing privacy and data security.

Employees are encouraged to consult the Human Resources Office for assistance accessing MBOS, understanding plan-specific requirements, or obtaining contact information for benefit providers. For official rules and forms, employees should refer directly to the New Jersey Division of Pensions and Benefits or their retirement plan provider.

Regularly review and update your beneficiary designations, especially after significant life events like marriage, divorce, or changes in your financial situation, to ensure your wishes are accurately reflected.

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