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Essential Checklist for General Motors Employees Navigating the Loss of a Loved One

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If Your Loved One Was A Veteran, You May Be Eligible For Burial And Memorial Benefits. Call 1-800-827-1000 To Find The Nearest VA Regional Office.

Losing a loved one can be a difficult experience. Yet, during this time, you must complete a variety of tasks and make important financial decisions. You may need to make final arrangements, notify various businesses and government agencies, settle the individual's estate, and provide for your own financial security. The following checklist may help guide our General Motors clients through the matters that must be attended to upon the death of a family member.

Note:  Some of the following tasks may have to be completed by the estate's executor.

Initial Tasks

  • Upon the death of your loved one, call close family members, friends, and clergy first because you'll need their emotional support.
  • Arrange the funeral, burial or cremation, and memorial service. Hopefully, your loved one will have made arrangements ahead of time. Look among his or her papers for a letter of instruction containing final wishes. Such instructions may also be stated in his or her will or other estate planning documents. Arrange any cultural rituals, and make any anatomical gifts.
  • Notify family and friends of the final arrangements.
  • Alert your loved one's place of work, union, professional organizations, and any organizations where he or she may have volunteered.
  • Contact General Motors and arrange for bereavement leave.
  • Place an obituary in the local paper.
  • Obtain certified copies of the death certificate. The family doctor or medical examiner should provide you with the death certificate within 24 hours of the death. The funeral home should complete the form and file it with the state. Get several certified copies (photocopies may not be accepted); you will need them when applying for benefits and settling the estate.
  • Review your family member's financial affairs, and look for estate planning documents, such as a will and trusts, and other relevant documents, such as deeds and titles. We also suggest that these General Motors clients locate any marriage certificate, birth or adoption certificates of children, and military discharge papers, which you may need to apply for benefits. These documents may be found in a safe-deposit box, or your loved one's attorney may have copies.

  • Report the death to Social Security by calling 1-800-772-1213. For our General Motors clients whose loved one was receiving benefits via direct deposit, request that the bank return funds received for the month of death and thereafter to Social Security. Do not cash any Social Security checks received by mail. Return all checks to Social Security as soon as possible. Surviving spouses and other family members may be eligible for a $255 lump-sum death benefit and/or survivor benefits. We suggest that these General Motors clients go to ssa.gov for more information.
    • Make a list of assets. Put safeguards in place to protect any property. Make sure mortgage and insurance payments continue to be made while the estate is being settled.
    • Arrange to retrieve your loved one's belongings from his or her workplace. Collect any salary, vacation, or sick pay owed to your loved one, and be sure to ask about continuing health insurance coverage and potential survivor's benefits for a spouse or children. Unions and professional organizations may also offer death benefits. If the death was work-related, the estate or beneficiaries may be entitled to worker's compensation benefits.
    • Contact past employers regarding pension plans, and contact any IRA custodians or trustees. Review designated beneficiaries and post-death distribution options.

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  • Locate insurance policies. The policies could include individual and group life insurance, mortgage insurance, auto credit life insurance, accidental death and dismemberment, credit card insurance, and annuities. Contact all insurance companies to file claims. • Contact all credit card companies and let them know of the death. Cancel all cards unless you're named on the account and wish to retain the card.
  • Retitle jointly held assets, such as bank accounts, automobiles, stocks and bonds, and real estate.
  • For our General Motors clients whose loved one owned, controlled, or was a principal in a business, check to see if there are any buy-sell agreements under which his or her interest must be sold.
  • Within 3 to 9 Months after Death

    • File the will with the appropriate probate court. If real estate was owned out of state, file ancillary probate in that state also. If there is no will, contact the probate court for instructions, or contact a probate attorney for assistance.
    • Notify creditors by mail and by placing a notice in the newspaper. Claims must be made within the statute of limitations, which varies from state to state (30 days from the actual notice is common). Insist upon proof of all claims.
    • A federal estate tax return may need to be filed within 9 months of death. State laws vary, but state estate tax and/or inheritance tax returns may also need to be filed. Federal and state income taxes are due for the year of death on the normal filing date unless an extension is requested. If there are trusts, separate income tax returns may need to be filed. These General Motors clients may want to seek the advice of a tax professional.

    Within 9 to 12 Months after Death

    • Update your own estate plan if your loved one was a beneficiary or appointed as an agent, trustee, or guardian.
    • Update beneficiary designations on your retirement plans, including IRAs, and transfer-on-death accounts on which your loved one was named beneficiary.
    • Reevaluate your budget and short-term and long-term finances.
    • Reevaluate your insurance needs, and update beneficiary designations on insurance policies on which your loved one was the named beneficiary.
    • Reevaluate investment options.

     

     

     

     

    What is the 401(k) plan offered by General Motors?

    The 401(k) plan offered by General Motors is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.

    How does General Motors match employee contributions to the 401(k) plan?

    General Motors typically matches a percentage of employee contributions up to a certain limit, which helps boost retirement savings.

    Can employees of General Motors choose how their 401(k) contributions are invested?

    Yes, employees of General Motors can choose from a variety of investment options for their 401(k) contributions, including stocks, bonds, and mutual funds.

    What is the eligibility requirement for General Motors' 401(k) plan?

    Employees of General Motors are generally eligible to participate in the 401(k) plan after completing a certain period of service, which may vary by employment status.

    Does General Motors offer a Roth 401(k) option?

    Yes, General Motors offers a Roth 401(k) option, allowing employees to make after-tax contributions to their retirement savings.

    How can General Motors employees enroll in the 401(k) plan?

    Employees can enroll in the General Motors 401(k) plan through the company’s benefits portal or by contacting their HR representative.

    What is the contribution limit for General Motors' 401(k) plan?

    The contribution limit for General Motors' 401(k) plan is subject to IRS guidelines, which can change annually. Employees should check the current limits for the specific year.

    Are there any fees associated with General Motors' 401(k) plan?

    Yes, General Motors' 401(k) plan may have administrative fees and investment-related fees, which are disclosed in the plan documents.

    Can General Motors employees take loans against their 401(k) savings?

    Yes, General Motors allows employees to take loans against their 401(k) savings, subject to certain terms and conditions.

    What happens to a General Motors employee's 401(k) if they leave the company?

    If a General Motors employee leaves the company, they can choose to roll over their 401(k) balance to another retirement account, leave it in the General Motors plan, or cash it out, subject to taxes and penalties.

    With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
    General Motors offers a defined benefit pension plan for both salaried and hourly employees. GM also provides a 401(k) plan with company matching contributions.
    General Motors offers RSUs to its executives and eligible employees. RSUs vest over a three to four-year period, promoting long-term performance and alignment with company goals.
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    For more information you can reach the plan administrator for General Motors at 1 general mills blvd Golden Valley, MN 55426; or by calling them at 1-800-248-7310.

    *Please see disclaimer for more information

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