Citi Benefits Handbook
Naming a Beneficiary
As a participant in the Plan, you will be asked to name a beneficiary (the person or persons or your estate that will receive benefits in the event of your death) and the percentage payable to that beneficiary.
If you are married and you name someone other than your spouse as a beneficiary, an authorization form will be mailed to your home. You must obtain your spouse's written consent, witnessed by a notary public, and return the authorization form within 60 days for your beneficiary information to take effect.
If you marry after naming others (such as your children) as your beneficiaries, your beneficiary designations become invalid. To keep the same beneficiaries after you marry, you must obtain the written consent of your new spouse on a Plan form. By law, your Plan accounts must be paid to your surviving spouse at your date of death unless your spouse has consented in writing, on a Plan form, to a different beneficiary, and this consent is notarized.
If, after naming your spouse as a beneficiary on a Plan form, you divorce, then you must file a new beneficiary form with the Plan to name others as your beneficiaries subject to the terms of any qualified domestic relations order.
Your beneficiary designation or revocation will not become effective unless it is received by the Plan prior to your death.
You can make or change your beneficiary designation, in accordance with the requirements described above, at any time by contacting the Plan as described under "How to Contact the Plan."
No Beneficiary Designation
If you do not name a beneficiary during your lifetime, or if none of the beneficiaries you designated is alive at the time of your death, your benefit will be paid to the following persons (if still living) in the following order of priority: (a) your spouse or your registered domestic partner if you are not married, (b) your children (including adopted children) in equal shares, per stirpes, (c) your parents, in equal shares, (d) the person(s) named as your beneficiary(ies) under any group life insurance maintained by your employing company, (e) your estate. If you name multiple beneficiaries and do not otherwise specify, upon your death the amounts designated for beneficiaries who may have died before you will be distributed to your surviving beneficiaries as if they were the only beneficiaries you named. No distribution will be made to a designated beneficiary who dies before you. If you do not specify otherwise on the beneficiary form, your beneficiaries will share equally.
You may change your beneficiary designation by contacting the Plan.
Only you, as an employee or former employee, may name a beneficiary for your account. In the event that your account transfers to your beneficiary, that beneficiary will not be able to name a subsequent beneficiary on the account.