By designating beneficiaries, you maintain control over who receives your retirement savings. The Summary Plan Description (SPD) should include your plan's claims procedures.Usually, you fill out the required paperwork and submit it to the plan. If you pass away before receiving your benefits from a defined contribution plan, your spouse will automatically become the beneficiary. The 2012 ERISA Advisory Council studied current challenges and best practices concerning beneficiary designations in retirement and life insurance plans. ERISA protects surviving spouses of deceased participants who had earned a vested pension benefit before their death. This month we provide some best practices for plan administrators' handling of 401(k) plan beneficiary designations. There are two types of PBGC beneficiary: beneficiary for survivor benefits and beneficiary for money owed you at death. Use this form to update existing or designate new beneficiary(ies) on your TIAA retirement plan.