Beneficiaries

Leave Your Account in Good Hands

Your Roth IRA will still exist even after death. It’s important to ensure that you specify where you want your money to go. A beneficiary can be a person, group of people, or charity of your choosing. There are two levels of beneficiaries:

Primary Beneficiaries

Receives all Roth IRA assets after your death

Contingent Beneficiaries

Receives Roth IRA assets after your death if all the primary beneficiaries die before you

If you choose to have multiple beneficiaries, you assign a portion of your assets to go to each one. For each beneficiary level, the amount you designate must total 100%.

Please note: The beneficiaries you choose must survive you in order to be entitled to your Roth IRA assets. If a beneficiary dies before you, the assets will be redistributed proportionately to other beneficiaries. If you don’t designate a beneficiary, the assets will go to your estate.

Set a Beneficiary

You can designate beneficiaries for your Illinois Secure Choice Roth IRA either by logging into the saver portal or by filling out the paper form. Setting up beneficiaries is extremely important and only takes a few minutes. You’ll need their name, address, social security number and birth date or date of trust.

Beneficiary designations can be changed at any time and should be reevaluated after important life events like marriage, children, or divorce.