You name a beneficiary, or choose not to do so, when you become a member of the fund. You can change the beneficiary of your Annuity Savings Account (ASA) at any time before you retire. Once you retire, changes to beneficiaries can be made only in limited circumstances.
On your Membership Record, you may name either single or multiple beneficiaries to receive your ASA if you die while in active service. You may allocate benefit shares in percentage increments if you designate more than one beneficiary. In lieu of a named individual, you may designate a trust, estate, or other legal entity, such as a charity, as your beneficiary.
After you have become a member, you may change your beneficiary or update their address by using the following options:
The importance of reporting any change of beneficiary cannot be overemphasized.
Failure to make changes could result in payment being made to a previously designated beneficiary who is no longer your choice to receive your ASA balance. PERF is required by law to pay any benefits owed to the beneficiary on record at PERF at the time of your death. Properly completed beneficiary charges received after the date of death may be accepted provided there has not already been a death benefit distribution.