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Who are the primary beneficiaries and contingent beneficiaries?

Beneficiaries are grouped into two main types:

• Primary Beneficiaries
  
  Primary beneficiaries are the individuals who will receive your SIMPLE IRA funds in the event of your passing. You can designate one or more primary beneficiaries and divide the benefits as you choose—just ensure the total equals 100%.

• Contingent Beneficiaries
  
  Contingent beneficiaries are the backup recipients. They will inherit your account only if all primary beneficiaries are unable to receive the funds, such as due to their passing or inability to claim the benefit.