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CalPERS explains beneficiary designations, classes and events that revoke designations
Summary
CalPERS described how members designate beneficiaries (online via myCalPERS or by form), what a beneficiary class is, events that automatically revoke a designation, and the distinction between a beneficiary and a survivor under the law.
The presenter with the California Public Employees' Retirement System (CalPERS) explained how members can name beneficiaries and why keeping a valid beneficiary designation on file matters.
Why this matters: a valid beneficiary designation controls who receives lump‑sum benefits if you have one on file; if no valid designation exists, CalPERS distributes benefits according to statutory order.
CalPERS told viewers there are two ways to designate a beneficiary: by logging in to a myCalPERS account or by submitting the preretirement lump‑sum beneficiary designation form available for download and submission by mail or fax. The presenter defined a "class" as a group of individuals (for example, children or grandchildren) that a member can designate without naming each person individually; CalPERS will divide the benefit among all individuals who qualify within that class at the time of death.
The presenter distinguished beneficiaries from survivors: "A beneficiary can be anyone of your choosing or designated by statutory order," the presenter said. "A survivor is a family member defined in the law as eligible to receive specific benefits upon your death prior to retirement." The presenter noted that a spouse or registered domestic partner will receive their community property share of the death benefit even if the member names someone else as beneficiary; the remainder will be paid to the designated beneficiary.
CalPERS listed events that revoke a beneficiary designation and advised members to update designations after life changes. Events identified in the presentation that revoke a prior designation include marriage or registration of a domestic partnership, annulment, dissolution of marriage or termination of a registered domestic partnership, birth or adoption of a child, and receiving a refund of contributions (which the presenter said terminates CalPERS membership). If there is no valid beneficiary designation, the presentation said benefits are paid by statutory order: spouse/registered domestic partner first, then children, then parents, and so on.
Ending: CalPERS recommended members review beneficiary designations in myCalPERS or submit the preretirement lump‑sum beneficiary designation form to ensure their wishes are on file.
