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Form 705 Beneficiary Application for Pension Benefits 2025

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4.2 out of 5

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The document is a Participant Application for Pension Benefits (PBGC Form 700) from the Pension Benefit Guaranty Corporation. It provides instructions for individuals to apply for their pension benefits, detailing required personal information, proof documents, marital status, benefit election options, spousal consent requirements, beneficiary designations, payment methods, and federal tax withholding choices. The application emphasizes the importance of completing all sections accurately to avoid delays in benefit payments.

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Versions	Form popularity	Fillable & printable
2023	4.2 Satisfied (20 Votes)
2017	4.1 Satisfied (44 Votes)
2006	4.8 Satisfied (32 Votes)

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Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What happens when you are the beneficiary of a pension?

If the beneficiaries are entitled to pension payouts, the payouts might be made in one lump sum or in smaller installments. You might get a choice in the matter, or you might not. You might also have the option to roll over the pension benefits into another retirement plan, like an IRA.

How are pensions taxed to beneficiaries?

Retirees monthly retirement benefit payments are treated as ordinary income. Unless you specify the income tax withholding election you want applied to your benefit, federal and/or California state income tax will be withheld from your benefit payment as the default filing status defined in the tax form instructions.

Do I have to pay taxes as a beneficiary of a pension?

If you received a benefit, we will mail you a Form 1099-R at the beginning of the year that lists the amount you were paid in the previous tax year. You are responsible for reporting the benefit to the IRS with your personal income taxes.

Do I have to pay taxes on money received as a beneficiary?

Inheritances are not considered income for federal tax purposes, whether you inherit cash, investments or property. However, any subsequent earnings on the inherited assets are taxable, unless it comes from a tax-free source.

Does a pension death benefit count as income?

A death benefit is a payout to the beneficiary of a life insurance policy, annuity, or pension when the insured person or annuitant dies. With life insurance policies, death benefits are not usually subject to income tax and named beneficiaries typically receive the death benefit as a lump-sum payment.

How do I apply for a PBGC pension?

Call PBGCs Customer Contact Center to request an application for pension benefits. Call at 1-800-400-7242. TTY/ASCII users may call 711. Remember to have your Social Security or customer ID number, plan name, and case number ready for the customer service representative so that they are better able to help you.

What is a pension benefit letter?

This award letter is issued annually by the state or government agency detailing the pension benefits earned by an individual. Pension award letters are commonly used in the mortgage industry, especially for income verification.

Form 705 Beneficiary Application for Pension Benefits 2025

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