A retirement account IRA owner can designate specific individuals or other entities, such as a trust or a charitable organization, as IRA primary or contingent beneficiaries.

• The named beneficiaries who survive an IRA owner inherit any assets remaining after the IRA owner's death.
• If an IRA owner does not name a beneficiary or all of the beneficiaries pre-decease the IRA owner, the assets pass to the IRA owner’s estate.

Information Needed for Beneficiaries

• Name
• Taxpayer identification number (TIN)
• Date of Birth
• Current Address
• Current Phone Number
• Relationship to IRA owner

After an IRA owner's death, the named IRA beneficiaries can usually receive the IRA assets directly. Beneficiaries generally begin taking required minimum distributions from a decedent's IRA by the end of the year following the year of death or within a specified period. We encourage you to contact an IRA representative at Third Federal by calling 1-877-324-5661 for options available to the named beneficiaries.