Print your name and social security number at the top of each separate sheet attached. 4. Generally, an ERISA plan participant can select just about anyone to be their beneficiary.Usually, you fill out the required paperwork and submit it to the plan administrator, who then can tell you what your benefits will be and when they will start. IRA beneficiaries can include spouses, children, parents, trusts, or charities. COBRA outlines procedures for employees and family members to elect continuation coverage and for employers and plans to notify beneficiaries. If there is no designated beneficiary as of September 30, 2007,then distributions must be made in accordance with the "five year rule". Some retirement plans require specific beneficiaries under the terms of the plan (such as a spouse or child). Since the benefit payments are not all immediately payable, the SBA can maintain a longterm investment strategy. Archived News Release — Caution: Information may be out of date. Laptop on desk with screen showing "Compensation.