You typically designate a beneficiary when you set up your Single(k) account with your chosen custodian. If you did not do so during setup, you should contact your custodian directly for instructions on how to add or update your beneficiary designation. This ensures that your chosen inheritor will have seamless access to your retirement account in the event of your passing. 

Who This Applies To

This information applies to Single(k) plan sponsors who maintain their own accounts with external custodians and do not use Ubiquity’s recordkeeping services, does not apply to Single(k) Plus plan sponsors.

What You Need to Do

If your assets are held by a custodian:

  • Reach out to your custodian(s) directly to designate or update your beneficiary.
  • Each custodian may have its own process and form for this purpose.

If your assets are not held by a custodian, or your custodian does not allow you to designate a beneficiary:

  1. Download Ubiquity’s beneficiary form.
  2. Complete the form in full.
  3. Store the completed form securely with your 401(k) plan records.
  4. Review your designation periodically and update the form as needed (for example, after marriage, divorce, or the birth of a child).

Important Notes about Single(k) Beneficiaries

  • Ubiquity does not retain beneficiary forms for Single(k) plans.
    Ubiquity acts as your plan’s document provider, but we do not offer recordkeeping services at this level.
  • Because Ubiquity does not maintain these records, we cannot assist beneficiaries in requesting distributions after your passing if plan assets are not managed on our platform.
  • Keeping your beneficiary designation current and properly stored with your records is the best way to ensure a smooth process for your loved ones.

Troubleshooting and Tips

  • If you’re unsure whether you designated a beneficiary with your custodian, check your original account opening paperwork or online portal.
  • If you maintain accounts with multiple custodians, make sure you complete a beneficiary designation for each account.
  • Always communicate updates to your beneficiaries so they are aware of your intentions.

Need Help?

If you need assistance, please email us at singlek@myubiquity.com.