Saver portal

What is a beneficiary?

A beneficiary is who you decide will get any money still in your OregonSaves Roth IRA after you die. It’s often your spouse or partner, your children, another important person, or a charity of your choosing. And, it can be a combination – you don’t have to pick one over the other.

As the Roth IRA account owner, you can choose multiple levels of beneficiaries:

  • Primary Beneficiaries – They receive all the Roth IRA assets after your death
  • Contingent Beneficiaries – They receive the Roth IRA assets after your death if all the primary beneficiaries die before you

If you choose to have multiple beneficiaries, each one will receive after your death the portion of your Roth IRA account balance you designated.

Please note: the amount that you choose to assign to each beneficiary level must equal 100%. For example, the amount designated to primary beneficiaries must add up to 100%, and the amount designated to contingent beneficiaries must add up to 100%.

The beneficiaries you choose must survive you in order to be entitled to the assets. If the beneficiary dies before you, the assets will be redistributed proportionately to other beneficiaries. If you do not designate a beneficiary the assets will go to your estate.

How do I set a beneficiary?

Once you’ve accessed your OregonSaves Roth IRA, you can designate beneficiaries for your OregonSaves Roth IRA either by logging on to your account online and selecting “Account beneficiaries” or by paper form. Setting up beneficiaries is quick and easy to do, and well worth it. Having designated beneficiaries ensures that if you die your OregonSaves Roth IRA and your money go to the people you want. You can change your beneficiary designation at any time and should remember to make any appropriate updates in result of important life events like marriage, children, and divorce.

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