What happens to my ESOP benefits if I die before receiving a complete distribution?
-If you have a vested ESOP balance upon your death, such benefits will be distributed to your Beneficiary or Beneficiaries under the ESOP based on the same ESOP distribution schedule prior to your death.
-Your default Beneficiary under the ESOP is your surviving spouse (if you are married at the time of your death) or otherwise your estate.
-You may specify a different Beneficiary or Beneficiaries by filing an ESOP Beneficiary Designation Form with Bayview Services as the Plan
Administrator.
◦ If you currently are married and want to list a primary Beneficiary other than your spouse, your spouse must consent to such designation by signing the ESOP
Beneficiary Designation Form before a notary public.
◦ If you are not married now and later marry you will need to file a ESOP Beneficiary
Designation Form unless you wish your spouse to be your sole, primary Beneficiary
under the ESOP. Your spouse must consent if the spouse is not your beneficiary.
◦ The ESOP Beneficiary Designation Form is plan specific—in other words, your
Beneficiary selection under the 401(k) Plan (if any) will not apply for purposes of
the ESOP and vice versa.