705 Beneficiary Application for Pension Benefits

Beneficiary Application
for Pension Benefits

PBGC Form 705

Pension Benefit Guaranty Corporation.
P.O. Box 151750, Alexandria, Virginia 22315-1750
Plan Name: FX.PrismCase.CaseTitle.XF
Plan Number: FX.PrismCase.CaseIdNmbr.XF
Date Printed: 02/01/2019
Date of Plan Termination: FX.PrismCase.DOPT.XF

For assistance, call 1-800-400-7242
Participant Name: FX.PrismCust.FullName.XF

INSTRUCTIONS: Please complete this form to ask PBGC to begin payments to you as (1) the beneficiary of a
deceased participant who died after retirement, or (2) an alternate payee under a shared payment Qualified
Domestic Relations Order (QDRO). For items marked "Proof Required" enclose a legible copy of the
appropriate document if you have not already sent it to us. If you have questions, call our Customer Contact
Center at 1-800-400-7242. Please print clearly with blue or black ink.

1. General information about you
Last Name

First Name

Middle Name

Other Last Name(s) Used

Social Security Number

Date of Birth

-

-

/

Gender

/

Mailing Address

Apartment / Route Number

City

State

Country

Email

Daytime Phone

(

Extension

)

-

x

MALE



FEMALE



Zip Code

Evening Phone

(

)

-

Name of Plan Participant
MARK ONLY
ONE

Your relationship to the plan participant:
A. Beneficiary - The benefits are from the pension plan of someone who is deceased.



Marriage Proof Required (Certificate or Common Law document)

Date of participant’s death:

/

/

(Copy of Death Certificate
Required)

B. Alternate payee - I have a Qualified Domestic Relations Order (QDRO) that establishes my
right to receive some or all of a participant's benefits from a pension plan.
Date of QDRO:

/



/



C. Other. Please explain:

CONTINUE ON BACK

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Beneficiary Application for Pension Benefits
Plan Number: FX.PrismCase.CaseIdNmbr.XF

Form 705, page 2 of 4

Participant Name : FX.PrismCust.FullName.XF

2. Designation of Beneficiary for payments owed at Death – If there are payments owed to you at the time
of your death, PBGC will pay them to the person(s) you designate below. If you do not make a designation, or if
all the beneficiaries you designate below die before you, PBGC will pay the money in this order to: your spouse,
your children, your parents, your estate, or your next of kin.
Beneficiary(ies)

Social Security
Number*

Date of Birth*

Relationship

Percentage**

Name ___________________________________
Address __________________________________
_________________________________________
Daytime Tel. No:_________________________

Name ___________________________________
Address __________________________________
_________________________________________
Daytime Tel. No:_________________________

Name ___________________________________
Address __________________________________
_________________________________________
Daytime Tel. No:_________________________
* Complete if person
** Not necessary to provide; if provided, must total 100%

3. Method of receiving benefit payments.

PBGC pays benefits through safe, secure and convenient electronic funds
transfer. You will get your payment on time even if you are out-of-town or unable to get to the bank.

If you have a bank account, you can ask us to deposit your benefit payments to your account through Electronic Direct Deposit (EDD).
If you do not have a bank account, you can open a low-cost Electronic Transfer Account (ETA) at a financial institution that offers such
accounts. For more information about opening an ETA, call 1-888-382-3311 (toll-free) or visit the ETA website at www.eta-find.gov.

Note: PBGC does not transfer funds to financial institutions outside the United States and its territories. If you live outside the
United States or its territories and do not have a U.S bank account, PBGC will send your payment to your mailing address.



CONTINUE

Form 705, page 3 of 4

Beneficiary Application for Pension Benefits
Plan Number: FX.PrismCase.CaseIdNmbr.XF

Participant Name : FX.PrismCust.FullName.XF

3. Method of receiving benefit payments (continued)
How would you like to receive your payments?

MARK ONLY
ONE

A. By EDD or ETA to the account identified on the next page, which must have your name on
it.



B. By mail to my home address, which is printed in section 1 of this form. You may choose
this option if EDD or ETA would be difficult or a burden because:
•
•
•

You do not have a bank account.
You reside in a remote locate that does not have the infrastructure to support electronic
fund transfers
It is too expensive for you to maintain a bank account



Financial institution information – Please provide the information below for PBGC to send your payment directly to
a financial institution. The information is available from your financial institution or can be found on your checks and account
statements. The sample check below shows the location of your nine-digit routing number and your account number. If you
are unsure of the routing number or your account number, contact your financial institution. You can cancel or
change this arrangement by calling PBGC at 1-800-400-7242. The financial institution can cancel it by sending you a written
notice.

All fields required
Name(s) on the Account (Your name must be on the account)
Routing Number

Account Number – Numbers only

Account Type
Checking
Savings


CONTINUE ON BACK

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

Form 705, page 4 of 4

Beneficiary Application for Pension Benefits
Plan Number: FX.PrismCase.CaseIdNmbr.XF

Participant Name : FX.PrismCust.FullName.XF

4. Federal Tax Election - Complete this section by selecting only one option – A or B or C. If you live outside
the United States, you cannot select Option A. For additional guidance regarding these options and federal tax
withholding, please read the attached page: Information on Federal Tax Withholding. In general, tax laws require
PBGC to withhold federal income tax from your pension payments, unless you specifically elect not to have taxes
withheld. If you do not choose an option, if you choose multiple options or if the option you select is
incomplete, we will withhold federal income taxes as if you were a married individual with three
allowances. This means that for the year 2016 2019 we will withhold taxes only if your monthly PBGC benefit is
$1,7202,033 or more.
A.

I elect not to have federal income tax withheld. (Available to U.S. residents only.)



OR


B. I elect to have federal income tax withheld based on IRS instructions.
Marital Status (REQUIRED)

Single 

Married 

Number of withholding allowances (REQUIRED)

.00

Additional monthly amount to be withheld (optional): $

OR


C. I elect to have the following amount withheld for federal income tax.
The dollar amount or percentage to be withheld
monthly is:

.00 OR ____%
$

5. Signature – Sign and date this application. Knowingly and willfully making false, fictitious or fraudulent
statements to the Pension Benefit Guaranty Corporation is a crime punishable under Title 18, Section 1001,
United States Code.
I declare under penalty of perjury that all of the information I have provided on this form is true and correct.

SIGNATURE

DATE

Please complete the checklist below to ensure that your application form has all the required signatures and
proof documents before you submit it. A MISSING SIGNATURE OR PROOF DOCUMENT COULD DELAY YOUR
FIRST PAYMENT.
1. Did you sign and date the application above?



2. If the participant is deceased, did you enclose a copy of the death certificate?





3. Did you enclose a copy of your marriage certificate or common law document, if applicable?
4. Did you make only one election regarding federal tax withholding and is the election complete?

Information on Federal Tax Withholding
Tax laws require that we withhold federal income tax from your pension payments unless you instruct us to do
otherwise. You have three choices. Please read them carefully and make your selection on page 4 of the
application. You may choose:
A. To have PBGC withhold no federal income taxes from your payments (not available if you live outside of the United
States).
B. To have PBGC follow IRS guidance and calculate your withholding.
If you choose this option, you need to tell us if you’re married and the number of allowances you claim. It is possible
that we will not withhold any federal income tax even if you choose this option – if, for example, your benefit is low or if
you claim a large number of allowances. You may increase the amount we withhold by claiming fewer allowances, by
having additional money withheld, or by electing option C.
C. To have PBGC withhold the amount or percentage you tell us to withhold each month.

What if not enough taxes are withheld based on your choice?
PBGC withholds taxes based on the election you make when you apply for your pension benefit. If you have
other income that would affect the amount of taxes you owe, you may need to pay additional taxes. You may
also need to pay penalties to the IRS. You may wish to consult a tax specialist or the IRS about your
decision.
What happens if you do not choose any option?
If you do not choose one of the above options, we will withhold federal taxes as if you were a married
individual with three allowances. The amount we will withhold depends on your monthly pension.
What if you want to pick a different option later?
You may change your option at any time. To choose a different option, simply call PBGC's Customer
Contact Center at 1-800-400-7242. We will then send you a tax withholding form to complete. Depending on
when we receive it, we will make the change by the next month or the month after that.
What if you don't live in the United States?
If you live outside the United States, you cannot elect option A. You may be eligible for special tax treatment
under a tax treaty with the country you reside in. We will send you additional information after you file this
form.
When determining your federal tax withholding, you may find it helpful to read the IRS instructions for completing
the IRS Form W-4P (Withholding Certificate for Pension or Annuity Payments). You can print a copy from the
IRS Internet site under Forms and Publications at www.IRS.gov

Do not return this page to PBGC