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The NYCERS F501 form plays a crucial role for members of the New York City Employees’ Retirement System who wish to designate beneficiaries for their post-retirement lump-sum death benefit. This form allows individuals to specify who will receive this benefit upon their passing after retirement. By completing the F501, members can name one or more primary beneficiaries, ensuring that their loved ones are financially supported during a difficult time. In the event that a primary beneficiary predeceases the member, the form also provides for the nomination of contingent beneficiaries, who will receive the benefit if the primary ones are no longer available. If neither group is alive at the time of the member's death, the benefit will default to the member's estate. It's essential for members to fill out this form accurately, as it outlines critical information such as names, Social Security numbers, and addresses of the beneficiaries. Additionally, if a beneficiary is a minor, special provisions must be made. Understanding the importance of this form is vital, as it ensures that your wishes are honored and your loved ones are protected financially after your passing. For any questions or clarifications, members can reach out to the NYCERS Call Center for assistance.

Similar forms

  • Last Will and Testament: Like the NYCERS F501 form, a Last Will and Testament allows individuals to designate beneficiaries for their assets after death. Both documents ensure that the individual's wishes are honored regarding who receives their benefits or property.

  • Life Insurance Beneficiary Designation Form: This form serves a similar purpose by allowing policyholders to name beneficiaries who will receive the death benefit from a life insurance policy. Both documents require clear identification of the beneficiaries to avoid confusion later.

  • Retirement Account Beneficiary Designation: Much like the NYCERS F501, this document allows individuals to specify who will inherit their retirement savings upon their death. It is crucial for ensuring that funds are distributed according to the individual's wishes.

  • Transfer on Death (TOD) Designation: A TOD designation allows individuals to name beneficiaries for their investment accounts. Similar to the F501 form, it ensures that assets transfer directly to the named beneficiaries without going through probate.

  • Payable on Death (POD) Accounts: This type of bank account lets account holders designate beneficiaries who will receive the funds upon their death. Like the F501, it simplifies the transfer of assets and bypasses the probate process.

  • Health Care Proxy: While primarily focused on medical decisions, a health care proxy can designate someone to make decisions on behalf of an individual if they are unable to do so. Similar to the F501, it involves making important decisions regarding one's future.

  • Power of Attorney: This document allows individuals to appoint someone to manage their financial affairs. Like the F501 form, it involves the designation of an individual to act on behalf of another, although it pertains to financial matters rather than death benefits.

  • Trust Document: A trust can designate beneficiaries for assets placed within it, similar to the F501 form. Both documents ensure that the individual's wishes regarding asset distribution are followed after death.

Form Preview

NYCERS USE ONLY

F501

Mail completed form to: *501* 30-30 47th Avenue, 10th Fl

Long Island City, NY 11101

Designation of Beneficiary(ies)

Post-Retirement Lump-Sum Death Benefit

This application is for those who wish to nominate a beneficiary(ies) to receive a post-retirement lump-sum death benefit. If the designated Primary Beneficiary(ies) predeceases you, the lump-sum payment will be paid to your designated Contingent Beneficiary(ies). If none exists, the lump-sum benefit will be paid to your estate. NOTE: If the address you provide on this form is different from your address in our system, the new address will become your official address in our records. If you have any questions, contact our Call Center at 347-643-3000.

Member Number OR

Pension Number

Last 4 Digits of SSN

Phone Number

First Name

( )

M.I. Last Name

in Care of (if applicable)

 

 

 

 

 

Address

 

 

Apt. Number

 

 

 

 

 

City

State

 

Zip Code

 

 

 

 

 

I understand that at the time of my death after retirement, the lump-sum death benefit will be paid to my surviving designated Primary Beneficiary(ies). If the designated Primary Beneficiary(ies) predeceases me, the lump-sum death benefit will be paid to my designated Contingent Beneficiary(ies). If none exists, the lump-sum death benefit will be paid to my estate.

I, the undersigned, nominate as my beneficiary(ies) for the lump-sum death benefit payable on my death after retirement:

First NameM.I. Last Name

Beneficiary

 

Full Social Security Number

Date of Birth

 

 

 

 

 

[MM/DD/YYYY]

 

 

 

 

 

/

 

 

/

 

 

 

Address

 

 

 

 

 

Primary

 

City

 

 

 

 

 

 

 

 

 

 

 

 

 

 

If this beneficiary is a minor, check here and complete the

 

 

 

 

 

 

 

 

guardian information on Form 137

 

 

 

 

 

 

 

First Name

 

 

M.I.

 

Last Name

Beneficiary

 

 

 

 

 

 

 

 

Full Social Security Number

Date of Birth [MM/DD/YYYY]

 

 

 

 

 

/

 

 

/

 

 

 

Address

 

 

 

 

 

Primary

 

City

 

 

 

 

 

 

 

 

 

 

 

 

If this beneficiary is a minor, check here and complete the guardian information on Form 137

Relationship

Apt. Number

 

State

 

 

Zip Code

 

 

 

 

 

 

%

 

Percentage

 

 

 

 

 

 

 

 

 

 

 

Relationship

Apt. Number

 

State

 

 

Zip Code

 

 

 

 

 

 

%

 

Percentage

 

 

 

 

 

 

 

 

 

 

 

R12/16

Page 1 of 2

NYCERS USE ONLY

F501

Mail completed form to:

30-30 47th Avenue, 10th Fl

Long Island City, NY 11101

Member Number OR

Pension Number

Last 4 Digits of SSN

 

 

 

 

 

 

 

 

 

If the foregoing Primary beneficiary(ies) should predecease me, I hereby nominate the following as Contingent beneficiary(ies) for the above Post-Retirement Lump-Sum Death Benefit.

Contingent Beneficiary

First Name

 

 

M.I.

 

Last Name

Full Social Security Number

Date of Birth

 

 

 

[MM/DD/YYYY]

Address

/

 

 

/

 

 

 

 

 

 

City

 

 

 

 

 

If this beneficiary is a minor, check here and complete the guardian information on Form 137

Relationship

Apt. Number

 

State

 

 

Zip Code

 

 

 

 

 

 

%

 

Percentage

 

 

 

 

 

 

 

 

 

 

 

I am nominating my Estate as my beneficiary for my post-retirement lump-sum death benefit. I understand that in order for this selection to be valid I may not write in any other beneficiary's name on this form, and I have, in fact, left all other designation of beneficiary sections on this form blank.

Should I survive all designated beneficiaries, the post-retirement lump-sum death benefit shall be paid to my Estate or to such other beneficiary or beneficiaries as I shall hereafter nominate by filing another designation of beneficiary form with NYCERS.

Signature of Member

Date

 

 

(Witnesses necessary only if mark is

Witnessed by (1):

 

used for signature)

Witnessed by (2):

 

This form must be acknowledged before a Notary Public or Commissioner of Deeds

State of

 

County of

 

On this

day of

 

2 0

 

, personally appeared

before me the above named,

 

 

 

, to me known, and known to

me to be the individual described in and who executed the foregoing instrument, and he or she acknowledged to me that he or she

executed the same, and that the statements contained therein are true.

If you have an official seal, affix it

Signature of Notary Public or

 

 

Commissioner of Deeds

 

 

 

 

 

 

 

Official Title

 

 

 

 

 

 

Expiration Date of Commission

 

 

 

 

 

 

 

Sign this form and have it notarized, THIS PAGE

R12/16

Page 2 of 2

Common mistakes

Filling out the NYCERS F501 form can be straightforward, but there are common mistakes that individuals make. One frequent error is failing to provide complete and accurate personal information. This includes not only the member's name and contact details but also the Social Security number and pension number. Incomplete information can lead to delays or rejections of the application.

Another common mistake is neglecting to designate both primary and contingent beneficiaries. If a primary beneficiary predeceases the member, the benefit will go to the contingent beneficiary. If neither is designated, the benefit will default to the member's estate, which may not align with their wishes.

People often forget to check the box for minor beneficiaries. If a designated beneficiary is underage, it is crucial to indicate this and complete the guardian information on Form 137. Omitting this step can complicate the distribution of benefits after the member's passing.

Many individuals also overlook the requirement to notarize the form. The signatures must be acknowledged by a Notary Public or Commissioner of Deeds. Failing to have the form notarized can render it invalid, delaying the process of benefit distribution.

Additionally, some applicants mistakenly think they can write in additional beneficiaries after nominating their estate. This is incorrect; if the estate is chosen as a beneficiary, all other sections must be left blank. This misunderstanding can lead to confusion and potential issues in the future.

Another error involves not providing the correct percentage allocations for multiple beneficiaries. Each beneficiary must have a designated percentage of the benefit. If the percentages do not total 100%, the application may be rejected or lead to disputes among beneficiaries.

Individuals sometimes forget to sign and date the form. This step is essential, as an unsigned form is not valid. It is important to double-check that the signature is present before submitting the application.

Lastly, applicants may not review the entire form for clarity and accuracy before submission. A thorough review can catch any mistakes or omissions that could lead to complications later on. Taking the time to ensure that everything is correct can save time and effort in the long run.

More About Nycers F501

  1. What is the NYCERS F501 form?

    The NYCERS F501 form is used to designate beneficiaries for a post-retirement lump-sum death benefit. This form allows members to specify who will receive the benefit after their passing.

  2. Who can I name as a beneficiary?

    You can name anyone as a beneficiary, including family members, friends, or even your estate. If you choose to name a minor as a beneficiary, you will need to provide guardian information on a separate form (Form 137).

  3. What happens if my primary beneficiary predeceases me?

    If your primary beneficiary passes away before you, the lump-sum death benefit will go to your designated contingent beneficiary. If you do not have a contingent beneficiary, the benefit will be paid to your estate.

  4. How do I complete the form?

    Fill out your personal information, including your member number or pension number, last four digits of your Social Security number, and contact details. Then, list your primary and contingent beneficiaries, including their full names, Social Security numbers, and dates of birth.

  5. Do I need to have the form notarized?

    Yes, the F501 form must be signed and notarized. This step ensures that your designation is legally recognized and helps prevent any disputes later on.

  6. Can I change my beneficiaries later?

    Yes, you can change your beneficiaries at any time by submitting a new F501 form. Just ensure that you leave the previous beneficiary sections blank if you are nominating your estate as a beneficiary.

  7. What if I don’t fill out the form?

    If you do not complete the F501 form, your lump-sum death benefit will be paid to your estate upon your death. This may lead to delays and additional legal processes for your heirs.

  8. How can I get assistance with the form?

    If you have questions or need help, you can contact the NYCERS Call Center at 347-643-3000. They can provide guidance and answer any specific questions you may have about the form.

Misconceptions

  • Misconception 1: The F501 form is only for active members.

    • This form is specifically designed for retirees who want to designate beneficiaries for their post-retirement lump-sum death benefit.

  • Misconception 2: Only one beneficiary can be named.

    • You can name multiple primary and contingent beneficiaries on the form. Just ensure you specify the percentage each will receive.

  • Misconception 3: The lump-sum benefit automatically goes to the estate.

    • If you have designated beneficiaries, the benefit goes to them first. Only if no beneficiaries are named does it go to your estate.

  • Misconception 4: Changes to beneficiaries require a complex process.

    • To change beneficiaries, simply complete a new F501 form and submit it. It’s straightforward and does not require extensive paperwork.

  • Misconception 5: The form does not need to be notarized.

    • The F501 form must be signed and notarized to be valid. This step is crucial for ensuring the legitimacy of your beneficiary designations.

  • Misconception 6: You cannot name a minor as a beneficiary.

    • You can name a minor as a beneficiary, but you must also complete the guardian information on Form 137 to ensure proper management of the funds.

  • Misconception 7: The form is permanent and cannot be changed.

    • As life circumstances change, you can update your beneficiary designations by submitting a new F501 form whenever necessary.

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Key takeaways

When filling out the NYCERS F501 form, it is important to understand its purpose and the necessary steps to ensure it is completed correctly. Here are some key takeaways:

  • The F501 form is used to designate beneficiaries for a post-retirement lump-sum death benefit.
  • Designate a Primary Beneficiary who will receive the benefit upon your death after retirement.
  • If the Primary Beneficiary predeceases you, a Contingent Beneficiary will receive the benefit instead.
  • In the absence of both Primary and Contingent Beneficiaries, the benefit will go to your estate.
  • Provide accurate personal information, including your member number or pension number and the last four digits of your Social Security Number.
  • Include the full name, Social Security Number, and date of birth of each beneficiary.
  • If a beneficiary is a minor, indicate this and complete the guardian information as required.
  • Consider the percentage of the benefit each beneficiary will receive, ensuring the total equals 100%.
  • Sign the form and have it notarized to validate your selections.
  • Keep a copy of the completed form for your records and notify NYCERS of any changes in beneficiaries in the future.

For any questions or assistance, reach out to the NYCERS Call Center at 347-643-3000.

Nycers F501: Usage Guide

Filling out the NYCERS F501 form is a straightforward process that allows you to designate beneficiaries for a post-retirement lump-sum death benefit. Follow the steps below to ensure that the form is completed accurately.

  1. Obtain the NYCERS F501 form from the NYCERS website or your local office.
  2. In the section labeled "Member Number OR Pension Number," enter your member or pension number.
  3. Provide the last four digits of your Social Security Number.
  4. Fill in your phone number, including area code.
  5. Enter your first name, middle initial, and last name.
  6. If applicable, include the name of the person in care of you.
  7. Complete your address, including apartment number, city, state, and zip code.
  8. Read the statement regarding the lump-sum death benefit and check the box to confirm your understanding.
  9. List your primary beneficiary's first name, middle initial, last name, full Social Security number, and date of birth.
  10. Provide the primary beneficiary's address, including city, state, and zip code.
  11. If your primary beneficiary is a minor, check the box and complete the guardian information on Form 137.
  12. Indicate the relationship of the primary beneficiary to you and the percentage of the benefit they will receive.
  13. Repeat steps 9-11 for any additional primary beneficiaries.
  14. If the primary beneficiary(ies) predecease you, list your contingent beneficiary(ies) following the same steps as above.
  15. If you wish to nominate your estate as a beneficiary, check the appropriate box and ensure no other beneficiary names are written on the form.
  16. Sign and date the form at the designated area.
  17. Have the form notarized by a Notary Public or Commissioner of Deeds, ensuring they complete the acknowledgment section.
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