Citi Benefits Handbook
If You Die
In the case of your death, your beneficiary can receive the vested value of your Plan accounts as a distribution after your death.
If you are married, your spouse will be your beneficiary unless you have designated someone else. Your spouse must consent to your naming another beneficiary, and the consent must be in writing, witnessed by a notary public on the form issued by the Plan Administrator and received by the Plan prior to your death.
At the time of your death, if your beneficiary is your surviving spouse, your spouse can leave the balance in the Plan until December 31 of the year you would have reached age 72 or the year following the year of your death, whichever is later.
If your beneficiary is not your surviving spouse, a disabled or chronically ill individual (or certain trusts for such individuals), an individual no more than ten years younger than you, or a minor child, payment must be made in a lump sum not later than December 31 of the year that includes the tenth anniversary of the date of your death (tenth anniversary of the date a minor child reaches majority) or payment must commence over the beneficiary's lifetime no later than December 31 of the Plan Year that includes the first anniversary of the date of your death.
If you have not named a beneficiary, or your named beneficiary is not living at the time of your death, your account balance will be paid to the following persons (if still living) in the following order of priority:
  • Your spouse or your registered domestic partner if you are not married;
  • Your children (including adopted children) in equal shares, per stirpes;
  • Your parents in equal shares;
  • The person(s) named as your beneficiary(ies) under any group life insurance maintained by the Company; then
  • Your estate.
Keep your beneficiary designation up to date since, in the event of your death, your account will be paid in full to the beneficiary or beneficiaries you have named. Your beneficiary designation must be on file prior to the date of your death to be effective.
Updating Beneficiary Information
To designate your beneficiaries, visit the Plan website as instructed under "How to Contact the Plan."
Depending on the beneficiary information entered, an authorization may be mailed to your home. If so, you must sign and return the authorization within 60 days for your beneficiary information to take effect.