FAQ
Beneficiaries
If I die, who will get the money in my retirement accounts?
Your accounts with MBA are left to the beneficary(ies) you've named and are on file with MBA at the time of your death. If you fail to make a beneficiary designation on your own, the MBA plan document determines your beneficiary. It is always best to name your own beneficiaries in consultation with your estate planning advisor. Click here to download a beneficiary form.
Can my spouse leave the funds with MBA after I die?
As long as your 403(b) account balance is over $1,000 your spouse can leave funds with MBA after your death.
Can my children leave the funds with MBA after I die?
As long as each beneficiary 403(b) account balance is over $1,000 your children can leave funds with MBA after your death.
How do I change my beneficiaries?
We have a beneficiary form you can complete and return to our offices. Click here to download a beneficiary form.
Can my trust be my beneficiary?
Yes, your trust can be the beneficiary of your 403(b) account. We require a copy of the entire trust document for our records.
How quickly can my beneficiaries get the funds after I die?
MBA requires a copy of the death certificate as well as the completion of our forms in order to process a death claim. Distributions are, therefore, dependent on the timeliness of the death certificate and how quickly the necessary forms are returned.