Effective July 1, 2019 Senate Bill (SB) 664—spouse as default beneficiary was implemented
If a member dies before retirement without naming a beneficiary, the death benefit will automatically go to the surviving spouse or domestic partner.
Beneficiary Designation Checklist
- Is your designation form signed and *spousal consent notarized, if applicable?
- Did you designate at least one beneficiary?
- Did you select and complete either Section II-Option B Coverage or III-One-time lump sum? Forms with both sections completed will result in an invalid designation and will be returned to you for correction.
- Did you initial any changes you may have made? The use of whiteout is NOT permitted.
Keep Your Beneficiary Information Current
You should review your beneficiary designation when significant life events occur such as:
- death of a spouse or designated beneficiary
A marriage, divorce, annulment, or any dissolution or declaration of invalidity of your marriage WILL NOT automatically revoke your former spouse as beneficiary unless you revoke the designation by submitting a new form. Please be advised that beneficiary selections are subject to any court orders regarding the division of the community property portion of your retirement benefit due to divorce.
Notify NMERB immediately of a member’s or a beneficiary’s death. Make sure family members are aware of this important obligation.
For information on how to change your beneficiary after retirement contact the NMERB-Payroll Unit at 505-827-8030.
Instructions for designating a beneficiary
Active and Inactive (non-retired) members covered by the New Mexico Educational Retirement Board must complete NMERB Beneficiary Designation-Form 42 to designate a beneficiary for their benefit.
- Please type or print in black or blue ink.
Copies and/or designation forms with whiteout will be invalid.
- You must designate at least one beneficiary.
You may update your beneficiary designation form any time prior to receiving your retirement benefit. You should review your beneficiary designation when significant life events occur.
- Any alterations to this form must be initialed.
The use of whiteout is not permitted.
- Complete Section II-if you would like to provide your beneficiary with Option B Coverage, a lifetime benefit.
You must designate a person if completing Section II, this option is not applicable to a trust or an estate.
- If you completed section II skip section III.
- Complete Section III- if you choose to leave your beneficiary a One-time Lump Sum payment (this option automatically rejects Option B coverage).
You may designate one or multiple beneficiaries under Section III. You must list the first beneficiary on page one Section III, and complete the Beneficiary Designation Addendum form to designate additional beneficiaries. Each form must be signed, notarized and submitted at the same time.
- New beneficiary forms filed will supersede any previous designation forms.
If you want to add or change a beneficiary, you must submit a new form and include all beneficiaries you wish to designate.
- List full legal names (e.g. Mary Smith not Mrs. John Smith) for all beneficiaries.
- Provide complete information requested for each beneficiary.
- Provide a divorce decree, if you divorced at any point during your NMERB service.
- Provide legal documentation and Change in NMERB Record form for changes to your legal name.
- Upon employment with an NMERB covered entity, this form must be returned to the NMERB.
- If you fail to submit a valid beneficiary designation form, any benefits payable upon your death will be paid to your surviving spouse or domestic partner, or if none, in a one-time lump sum payment to your estate. Proof of marital status or domestic partnership is required.
IN ORDER FOR YOUR NEW DESIGNATION TO BE EFFECTIVE, IT MUST BE PROPERLY COMPLETED,
SIGNED, *SPOUSAL CONSENT NOTARIZED (*If applicable) AND RECEIVED BY NMERB PRIOR TO YOUR DEATH.
Managing the retirement assets of New Mexico Educators since 1957.
701 Camino de los Marquez
Santa Fe, NM 87505
PO Box 26129
Santa Fe, NM 87502
Email or call ahead for an appointment.
8500 Menaul Blvd. NE, Suite B-450
Albuquerque, NM 87112