When was the last time you reviewed your beneficiary designations?
Naming a beneficiary allows you to transfer a financial interest after you have passed away. If you do not remember who you have listed as your beneficiary, or you have experienced a life event such as a marriage or divorce, it’s important to update your beneficiary designations.
The most recently dated beneficiary designation on file with the plan at the time of your death determines who receives the payment of any proceeds. If a beneficiary is not designated, benefits will be paid according to plan provisions (not your will).
Benefit Plans with Benefits Payable to Beneficiaries
- State Group Life Insurance
- Individual & Family Life Insurance
- Accidental Death & Dismemberment Insurance
- Accident Insurance (accidental death & dismemberment component of the plan)
- Health Savings Account
- Wisconsin Retirement System (WRS)
- UW 403(b) Supplemental Retirement Program (SRP)
- Wisconsin Deferred Compensation (WDC) 457 Program
Check Your Benefit Plans with Beneficiaries
To see which benefit plans you are enrolled in that have benefits payable to beneficiaries:
- Log into Workday (myworkday.wisconsin.edu).
- From the Menu in the left go to Personal, then select Benefits and Pay.
- In the Suggested Links, select My Insurance Benefits to access the benefits enrollment system.
Update Your Beneficiaries
Go to the Universities of Wisconsin Beneficiary Information web page for information on how to designate a beneficiary for each benefit plan.
Some plans allow you to designate your beneficiary online while others require a signed paper form. For plans that require a paper form, print the applicable form(s) from the Beneficiary Information web page and mail the completed forms directly to the address for the plan listed on the form (not to your human resources office).
Source: Universities of Wisconsin Office of Human Resources