Manage Your Beneficiary Information

If at any time there is a major change in your life, such as marriage, birth of a child, widowhood or a divorce, you should review your beneficiary designation and make any necessary changes. To designate or update beneficiaries, you can either log in to your account and make the change online, or submit a Designation of Beneficiary form to the Fund.

It is critical that you name a beneficiary or beneficiaries for your retirement plan account(s) to ensure the benefits are paid according to your wishes.

What Is a Beneficiary?

A beneficiary is an individual or entity that will receive all or a portion of the proceeds of your account upon your death. You may name or designate one or more individuals, including a trust or your estate, as a beneficiary.

3 Reasons to Name a Beneficiary
  1. It eliminates confusion. By designating a beneficiary on all of your accounts, you will ensure that your chosen beneficiary will inherit your retirement benefit.
  2. It saves time. If you pass away and have not named a beneficiary, this may delay the transfer of the funds in your accounts. In some cases, the person in charge of your affairs or estate will be required to complete a significant amount of paperwork to transfer the funds.
  3. It ensures the financial well-being of your loved ones. Ensuring the financial security of your loved ones is important, especially if the retirement benefit will be used for a specific purpose such as covering funeral expenses.
What Happens If No Beneficiary Is Designated?

If you do not designate a beneficiary, your total account balance will be payable to the default beneficiary determined by the terms of the plan at the time of your death. Currently, the default beneficiary would be in this order:

  1. Your spouse, and if your spouse does not survive you, then to
  2. Your estate.
Once You’ve Named Your Beneficiaries, Keep Them Current

Whenever you open a financial account, naming a beneficiary should be one of your top priorities. But as your life changes, it’s important to make sure you update the beneficiary information on all of your accounts. Marriage, divorce, the birth of a child, and the passing of a loved one are just some of the significant life events that may impact your beneficiary information.

It’s Easy to Name Your Beneficiary Online

It’s fast and easy to update your beneficiary online. Simply log in to your account to update your beneficiary information. Before you log in, you will need the following items:

  • Full legal name of person or entity
  • Full address
  • Telephone number
  • Social Security or identification number (if it’s for an entity and not a person)
  • Date of birth
It’s Essential to Name Your Beneficiary

It’s important to make sure your benefits are paid according to your wishes. Please take a moment to designate your beneficiaries and keep them current on all your financial accounts to protect your loved ones.