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Establishing a Beneficiary IRA or Beneficiary 403(b) from an Existing Sun Life Financial* Account
If you are a beneficiary of an Individual Retirement Annuity (IRA) or 403(b) plan, you may establish a beneficiary account as one method of receiving the death benefit payment. If you choose to establish a beneficiary account, the death benefit will be paid to you over your life expectancy or the remaining life expectancy of the decedent.** The Internal Revenue Service requires that you receive annual payments from the death benefit, and this payment is referred to as the Required Minimum Distribution (RMD).
If you would like to learn about the RMD rules for beneficiaries and calculate both your current and projected future RMDs, please visit our interactive planning tool, the Beneficiary Planner. It provides information about the RMD rules for beneficiaries and has calculators to determine current RMDs and hypothetical future RMDs.
To establish a Beneficiary IRA or Beneficiary 403(b),*** please complete the following forms and return them to us:
- Product applications, except for spouse beneficiaries whom are not required to submit an application.
Please submit a certified copy of the decedent's death certificate. Trust beneficiaries must also submit a signature guaranteed Letter of Instruction signed by the trustee(s).
Sun Life Financial has a Minimum Distribution Program designed to help you satisfy your annual RMD automatically each year. It eliminates the necessity of submitting a written request for each RMD payment. We will calculate your RMD each year and distribute it to you monthly, quarterly, semi-annually or annually. You may enroll in the program by completing the forms referenced above. A highlight sheet is also available that provides information about our Minimum Distribution Program.
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Transfer of Beneficiary IRA or Beneficiary 403(b) to a Sun Life Financial Beneficiary IRA or Beneficiary 403(b)
If you are the beneficiary of an Individual Retirement Annuity (IRA) or 403(b) plan (also referred to as inherited or decedent IRA or 403(b) plan) at another financial institution, you may directly transfer the assets of your beneficiary account to a Sun Life Financial beneficiary account by a trustee-to-trustee transfer.
Please contact your agent to complete and sign the following forms:
A. Product application form for the appropriate product being purchased.
- In any available space within the "Plan Selection" section of the application, write in "Beneficiary IRA Transfer" or "Beneficiary 403(b) Transfer"; and
- In the "Special Instructions" section of the application, also write in "Beneficiary IRA to Beneficiary IRA" or "Beneficiary 403(b) to Beneficiary 403(b)" depending upon the type of plan being transferred.
B. The following forms must also be completed and signed:
- IRA, 403(b) or Qualified Plan Transfer and Direct Rollover
In the "Authorization to Transfer/Direct Rollover" section, write in the type of transfer either "Beneficiary IRA to Beneficiary IRA" or "Beneficiary 403(b) to Beneficiary 403(b)" depending upon the type of assets being transferred.
- Beneficiary IRA/403(b) Acknowledgement
- Beneficiary IRA/403(b) Acknowledgement NY
Trust as Beneficiary Certification Statement for Individual Retirement Annuities (IRAs): complete only when the beneficiary transferring the assets is a trust.
Trust as Beneficiary Certification Statement for 403(b) Plans: complete only when the beneficiary transferring the assets is a trust.
Required Minimum Distribution (RMD) Request Form for Beneficiaries.
The information requested on this form is necessary for the calculation of your annual RMD. Sun Life Financial has a Minimum Distribution Program** designed to help you satisfy your annual RMD automatically each year. You may enroll in the program by completing this application.
Please check with the releasing institution to be sure there are no additional transfer requirements.
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*Sun Life Assurance Company of Canada (U. S.) issues Regatta, Futurity and All-Star annuity contracts in all states except New York. New York contracts are issued by Sun Life Insurance and Annuity Company of New York. Both companies are members of the Sun Life Financial group of companies
**Sun Life Financial's Minimum Distribution Program is designed for noncustodial Individual Retirement Annuities (IRAs) and non-ERISA tax sheltered (403(b) plans) only.
SLPC 8762 (12/02)
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