A beneficiary is a person who will receive a benefit from the Investment Plan in case of the member’s death. How to Designate a Beneficiary
Members can designate a beneficiary(ies) by completing the FRS Investment Plan Beneficiary Designation Form (IPBEN-1) or using the online FRS Investment Plan Beneficiary Designation Form (IPBEN-1). The form is also available by calling the MyFRS Financial Guidance Line, Option 4; or by accessing a member’s Investment Plan account through MyFRS.com.
The Investment Plan Administrator processes the designation as soon as administratively possible — the beneficiary designation generally takes effect the close of business on the day the designation is received.
If a married member designates a primary beneficiary other than the member’s spouse, the member’s spouse must sign the beneficiary designation form to acknowledge the designation. Missing Beneficiary Designation
Until the member submits a beneficiary designation, the member’s beneficiary will be set as “per Florida law,” which establishes the beneficiary in the following order:
The member’s spouse, if living
The member’s surviving children, if any
The member’s father or mother, if living
The member’s estate
How to Review Current Beneficiary Designation
Investment Plan members can review their current Investment Plan account beneficiary(ies) by accessing their Investment Plan account through MyFRS.com, by calling the MyFRS Financial Guidance Line, Option 4, or by reviewing their Investment Plan Account Statement, which is mailed each quarter to their address on file.