Pompano Beach General Employees Retirement System

Pompano Beach General Employees Retirement System

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Under Florida law, e-mail addresses are public records. If you do not want your e-mail address released in response to a public-records request, do not send electronic mail to this entity. Instead, contact this office by phone or in writing.

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Chairman's Message

The Importance of Updating Your Beneficiary Designation Form

When you retire, you will be permitted to choose to have a benefit paid to a beneficiary after you die. You can direct the payments to a beneficiary of your choosing. In the event of your death, in most instances, the pension plan administrator must honor the designated beneficiary you have selected. You should always make sure that your beneficiary designation is up to date. If you have had any changes in your family unit such as births, deaths, or relationship changes you may want to change or update your designated beneficiary. Additionally, you need to be aware of a recent piece of legislation known as Florida House Bill 401. In certain circumstances, House Bill 401 can nullify upon divorce or annulment the designation of a spouse as a beneficiary in certain employee benefit plans, among other types of assets. Certain state-administered retirement plans are exempt from the bill, but it applies to Pompano’s plan. If the provisions of the bill apply, an asset will pass as if the former spouse predeceased the decedent. Therefore, if you have had a divorce it is especially important to check with the pension plan administrator to see if you need to update your designated beneficiary.

George Mitchell, Chairman
March 29, 2013

Subsequent articles will be posted on our website www.pompgers.org from time to time.