What is 'contingent beneficiary' in SAP PA-BN - Benefits?

contingent beneficiary - Overview

• Component: PA-BN

• Component Name: Benefits

• Description: An individual, organization, or trust fund that is entitled to receive benefits from an employee’s insurance or retirement plan if the primary beneficiaries are deceased.

contingent beneficiary - Details

• 
  Key Concepts: 
  A contingent beneficiary is a person or entity that is designated to receive benefits from a plan in the event that the primary beneficiary is unable to do so. In SAP, contingent beneficiaries are managed through the PA-BN Benefits component. 
  
  How to use it: 
  In order to add a contingent beneficiary in SAP, you must first create a new employee record for the beneficiary. Once the record is created, you can then assign the beneficiary as a contingent beneficiary for the plan. You can also specify the percentage of benefits that will be allocated to each beneficiary. 
  
  Tips & Tricks: 
  When adding a contingent beneficiary, make sure to double-check all of the information entered into the system. This will ensure that the correct person or entity receives the benefits in the event of an emergency. 
  
  Related Information: 
  For more information on managing contingent beneficiaries in SAP, please refer to the PA-BN Benefits documentation.