Keep Your Beneficiary Designations Up-to-Date!
July 28, 2014
A beneficiary is the person or persons you designate to receive any benefits payable upon your death. Naming beneficiaries offers one of the simplest and most direct ways to efficiently transfer your assets after your death. You may want to consult with your legal and/or financial advisors about your individual circumstances.
To protect your beneficiary (ies), review and update all your beneficiary designations regularly. You may change your beneficiary designations at any time, but should review your designations for possible changes especially when you experience a life event, such as the birth or adoption of a child, marriage, divorce, etc. By keeping your beneficiary designations up-to-date, you protect your survivors.
Go to the Benefit Information module in UW System, click the “View Benefits Summary Detail” link to see your current benefit enrollments. Contact your benefits office to confirm your coverage and coverage levels.
Contact the benefit plan administrators directly for information regarding your current beneficiary designations, or simply complete a new beneficiary designation to ensure that your designations are current.
Beneficiary designation forms and instructions can be found at: http://www.uwsa.edu/ohrwd/formspubs/. Select the “view by type” box and expand the “beneficiary designations” section. Follow the instructions to submit the beneficiary form for each plan. Make sure you keep a copy of each completed beneficiary form for your records. Return completed forms to the address on the form, not to your campus Benefits office. You will receive an acknowledgement from the plan.
The following plans have a beneficiary designation form:
If you have a Tax-Sheltered Annuity or Deferred Compensation account, make sure you review and update your beneficiary designations as needed. Contact the plan directly to update your beneficiary designations.
Source: UW System Administration
Categories: Annual Benefits Enrollment (ABE)