When was the last time you reviewed your beneficiary designations?
Naming a beneficiary allows you to transfer a financial interest to a specific person 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, divorce, or birth of a child, review and submit updated beneficiary designations.
The most recently dated beneficiary designation on file at the time of your death is binding for the payment of any proceeds. If a beneficiary is not designated, benefits will be paid according to plan provisions (not your will).
Here is a list of the plans that have benefits payable to beneficiaries:
- State Group Life Insurance
- Individual & Family Life Insurance
- UW Employees, Inc. Life Insurance
- University Insurance Association Life Insurance
- Accidental Death & Dismemberment Insurance
- Accident Insurance (accidental death & dismemberment component of the plan)
- Health Savings Account (HSA)
- Wisconsin Retirement System (WRS)
- UW 403(b) Supplemental Retirement Program (SRP)
- Wisconsin Deferred Compensation (WDC) 457 Program
To see which benefit plans you are enrolled in, log into the My UW portal and follow these steps:
- Go to the Benefit Information tile and click Launch full app.
- On the Summary tab, review the Coverage column to see which plans you’re enrolled in (waive indicates you are not enrolled).
- Click Next to see additional plans.
- Review the plans you are enrolled in that have benefits payable to beneficiaries.
The UW System Beneficiary Information web page provides information on how to designate a beneficiary for each benefit plan. Some plans allow you to update your beneficiary designations online while others require a signed paper form. If a plan you are enrolled in requires a paper form, print the applicable beneficiary form(s) from the Beneficiary Information page, and mail the completed forms directly to the address listed on the form.
Source: UW System Human Resources