The death of a loved one is difficult. We’re here to help.

When you lose a friend or loved one there are often important matters to settle, including financial ones. If you’re the beneficiary of a participant in the City of Los Angeles Deferred Compensation Plan (DCP), we’re here to support you. We can help you understand what’s involved with creating a beneficiary account and making decisions around taking distributions. Click the button below to download the Beneficiary Inheritance Guide to learn more. Our Local Retirement Counselors are also available to assist you so don’t hesitate to schedule an appointment by visiting Contact Us.

I am a Beneficiary. What do I need to know?

A beneficiary is a person (or persons) who will receive a DCP account in the event of the participant’s death. There are two categories of beneficiaries:

  • Primary Beneficiary—A person or trust named to receive the participant’s DCP account in the event of the participant’s death. If there are multiple primary beneficiaries and any of them die before the participant, the percentage such beneficiary would have received will be divided equally among the surviving primary beneficiaries. 

  • Contingent Beneficiary—A person or trust named to receive the participant’s DCP account if, on the date of the participant’s death, all of the primary beneficiaries deceased before the participant. If there are multiple contingent beneficiaries and any of them die before the participant, the percentage such contingent beneficiary would have received will be divided equally among the surviving contingent beneficiaries.

What do I do when a death of a Plan participant occurs?

STEP ONE: REPORT THE DEATH

The first step is reporting the death of your loved one to the DCP administrator, Voya, at 844-523-2457.

STEP TWO: PROVIDE REQUIRED DOCUMENTATION

Voya will confirm the beneficiary designation on file. The beneficiary should be prepared to provide the following information:

  • Certified copy of the death certificate

  • Beneficiary Social Security number

  • Copy of the beneficiary’s driver’s license for verification of the beneficiary’s date of birth and address

  • If the Beneficiary is an Irrevocable Trust, a copy of the trust and trust tax I.D.

If the beneficiary of a deceased participant is an estate, Voya requires the following documentation prior to processing the request:

  • Certified copy of death certificate

  • Notarized or court stamped Estate Affidavit, which lists the City of LA Deferred Compensation Plan as an asset and names the rightful heirs to the funds

  • Certified document stating the Executor/Executrix of the estate

  • IRS Form SS-4

STEP THREE: DECIDE WHEN AND HOW YOU WILL TAKE A DISTRIBUTION

Prior to taking any action consult with a tax advisor. Once the account has been established, you are eligible to initiate a distribution from the account. However, different distribution rules apply to (a) spousal beneficiaries, (b) non-spouse beneficiaries, or (c) non-person beneficiaries. Reference the table in the Beneficiary Inheritance Guide for specific details.