I Am a Listed Beneficiary For A Participant In a Plan Hosted on the Vestwell Platform That Has Passed. What Should I Do?
Please accept our deepest condolences for your loss. We know this is not an easy time. Our Support Team will be able to assist you from start to finish with this process to make it as easy as possible for you. If the participant has named you as a beneficiary on the account, you are entitled to receive the benefits intended for you by the plan participant. Please contact us at email@example.com.
Once you have contacted us, we will provide you with the correct distribution form as this varies based on the plan, relevant state law, and the nature of the beneficiary(ies) on the account. The participant may have designated more than one beneficiary and beneficiaries may also be a trust, estate, or nonprofit organization. Each beneficiary will be required to complete their own form and funds will be distributed once all the forms are returned in good order. Please note that if your plan uses a Third Party Administrator ("TPA"), your plan's TPA may be responsible for reviewing and approving death benefit distributions, so additional time and/or documentation may be needed for processing a request.
To expedite the distribution process, it may be helpful to gather some materials. We will require a copy of the participant’s death certificate and a copy of the front and back of proof of your identification (e.g., driver's license, passport) for each beneficiary. Any beneficiary claiming benefits may need to provide copies of the participant's notarized spousal consent form. Additionally, if the beneficiary is the participant's estate, we may require proof of the appointment of an Executor (such as an official copy of the Letter of Appointment, or the local court equivalent) with a visible or raised court seal. Nonprofit organizations, truts, and minor children who are named as beneficiaries may need to provide additional information. Depending on the nature of the plan, the participant's circumstances, and the number and type of primary and contingent beneficiaries, additional information may be required.