A beneficiary is a person, often a relative or loved one, whom you have chosen to be eligible to receive a benefit upon your death. Example: Husband named Sister as designated beneficiary of his ERISA retirement plan.ERISA protects surviving spouses of deceased participants who had earned a vested pension benefit before their death. â—‹ The spouse must be the beneficiary of the participant's full benefit unless the spouse has consented to the alternative beneficiary. When you designate the beneficiary in a retirement account or life insurance policy, one little mistake can make all of your best-laid plans go awry. Use this form to update existing or designate new beneficiary(ies) on your TIAA retirement plan. As an "employer," a group or association, as well as a PEO, can sponsor a defined contribution retirement plan for its members. Entity will be providing the party's retirement benefits. NYSTRS is only one of eight public employee retirement systems in the State of New York.