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.You can designate any person or legal entity (such as a living trust) as a beneficiary and you may change your beneficiary at any time. The most important facts they need to know about their retirement and health benefit plans including plan rules, financial information, and documents. Employees Must Follow ERISA Plan Documents in Designating Retirement Plan Beneficiaries or Risk Losing Critical Rights.