Assets from your individual retirement account, pension plan, profit sharing plan, stock bonus plan, 401(k) or 403(b) can constitute a large portion of your retirement portfolio. However, any retirement plan assets you don't use during your lifetime will be subject to income tax in the hands of your beneficiary, regardless of who that person is. If that person is not your spouse, your estate may also have to pay estate tax on those assets. In some cases, the combination of the two can mean that your heirs could receive as little as 30% of the entire value of your account.

Retirement Plan Asset Basics

Designating Mercyhurst University as a Beneficiary of your Retirement Plan ...

  • Ensures that the University receives the full value of your gift.
  • May be easily changed as your plans change.
  • Removes assets from your estate, reducing estate tax.

How to Include Mercyhurst University in Your Retirement Plan:

  1. Contact the Office of Advancement to discuss your plans.
  2. Request a beneficiary form from your retirement plan administrator.
  3. Identify the Mercyhurst University as a beneficiary of your plan.
  4. Include the Mercyhurst University Federal tax ID number 25-0965430 on your beneficiary form.
  5. Return the completed form to your retirement plan administrator.
  6. Provide a copy of your completed beneficiary form to the Office of Advancement.

Important Please notify the University of your retirement plan so we can acknowledge your generosity as part of the Mercyhurst O'Neil Society.

Disclaimer: Mercyhurst University does not provide legal, tax or financial advice. We strongly recommend that you consult professional advisors on all legal, tax or financial matters, including gift planning considerations. To ensure compliance with certain IRS requirements, we disclose to you that this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of avoiding tax-related penalties.