MMC Benefits Handbook
Assigning Your Benefit
The Plan permits absolute assignment by gift. Assignments are generally made to a spouse or an adult child, or a trustee of an executed trust agreement but it can be made to anyone. Any such assignment will irrevocably transfer the right, title, interest and incidents of ownership, both present and future, in such benefits.
To make an Assignment of Insurance, Absolute Assignment forms are available on Colleague Connect ( Click Pay & Benefits, under Find a document, select Search all documents.
The assignment form must be reviewed, approved and authorized by the appropriate insurance company representative.
Assignment of benefits may involve federal and state income, gift and estate tax questions. Legal advice from an attorney prior to making an assignment is recommended.