Beneficiaries
Use the Beneficiaries option to enter a participant's beneficiary information. supports multiple beneficiaries.
Note: The total percentage for all beneficiaries must equal 100% if more than one beneficiary is entered. Beneficiary information is for inquiry purposes only. In order for to track death distributions, you must assign the Death tax code from the pulldown menu available through Transactions > Distributions > Terminations window from the Cash Tax Code drop-down menu item.
How to Access the Beneficiaries Window
On the Setup menu, point to Participant and then click Beneficiaries. The Beneficiaries window displays.
How to Add a Beneficiary
1. Select the participant by typing the Participant ID or select a participant from the Participant Search list.
2. Select the IPX Product.
3. Click Add. A new row activates in the table. Note: You will enter the beneficiary information in the fields in the lower part of the window. When you click the Save icon, TSM SmartClient populates the fields in the table row.
4. Complete the following required fields: Beneficiary SSN, Source, Percent, First Name, Last Name, Birth Date.
5. Complete any of the optional fields.
6. When you are done, click the Save icon.
7. Repeat steps 2 through 5 to add additional beneficiaries.
8. Click the Close icon to close the page.
Explanation of Fields
|
Field Name |
Field Description |
Required / Optional |
|
Participant ID |
Specify the participant's identifier. Note: This ID will automatically display if you select the participant Name. |
Required |
|
Name |
Select the participant's name from the Participant Search list. |
Required |
|
Beneficiary SSN |
Enter the beneficiary's social security number. |
Required |
|
Percent |
Enter the percent to be allocated to this beneficiary. |
Required |
|
Primary |
Select this check box if this is the primary beneficiary. |
Optional |
|
Source |
Select the source from the list. Possible sources include 401K, After tax, Match, Roll. |
Required |
|
Title |
Enter the title, for example, Mr. |
Optional |
|
First Name |
Enter the beneficiary's first name. |
Required |
|
MI |
Enter the beneficiary's middle initial, if applicable. |
Optional |
|
Last Name |
Enter the beneficiary's last name. |
Required |
|
Relation |
Enter the relationship of the participant to the beneficiary, for example, daughter. |
Optional |
|
Gender |
Select the beneficiary's gender, either Male or Female. |
Optional |
|
Address |
Enter the beneficiary's street address using the two lines. |
Optional |
|
City |
Enter the beneficiary's city of residence. |
Optional |
|
State |
Select the state where the beneficiary resides. |
Optional |
|
Zip |
Enter the beneficiary's zip code. |
Optional |
|
Country |
Select the beneficiary's country of residence. |
Optional |
|
Phone Number |
Enter the beneficiary's phone number. |
Optional |
|
|
Enter the beneficiary's email address. |
Optional |
|
Birth Date |
Enter the beneficiary's birth date. |
Required |