June 1, 2022 When did you last update your beneficiaries? Life is uncertain and changes will occur. When changes occur, your beneficiary choices may need to be updated. It is very important to ensure beneficiaries for your life insurance and retirement benefits are designated, and you have the peace of mind of knowing that your assets will be distributed to the person(s) of your choosing. The Beneficiary Update Campaign is to ensure that your life insurance and retirement beneficiaries are up to date. Naming your beneficiaries and putting essential documents in place puts you in control and can make a difference for the people and causes you care about. You can change your beneficiaries at any time throughout the year. Don’t delay- it only takes a couple of minutes! Eliminate confusion about what should be done with your hard-earned money or insurance proceeds. Save time -- without a beneficiary, there may be a delay in transferring funds. Give your loved one peace of mind and a sense of financial wellness Update or Review Your Beneficiary Act now and review your beneficiaries for your Basic Life, Supplemental Life Insurance, TRS 401(a) Pensions benefits, and TIAA 403(b) and 457(b) plans (if applicable). Life Insurance Log on to HR Connection and select "Enroll or View your Benefits Now". You will be routed to BenefitFocus through Single Sign-on. Select Manage Beneficiaries under the Manage Account Header on the left panel of the screen to update your Life Insurance and AD&D beneficiaries. TRS: Teachers Retirement System 401(a) Pension Plan participants can view their beneficiary through your Member Online Services (MOS) account or contact TRS to confirm the beneficiary designation on record. If you need to make a change or update your beneficiary, you will need to complete and return the Designation of Beneficiary Prior to Retirement form to TRS. This form requires notarization. You may contact the benefits team to schedule a time to have this form notarized. TIAA: Log into your TIAA account through the UAH Retirement Site. Select the “LOGIN TO TIAA” banner to be directed to your individual account. Once logged in, under the Actions tab, choose Add/Edit Beneficiaries. From there, you can designate and select how much each should receive. It is important to remember that Retirement plan assets will be transferred according to the terms of your plan’s beneficiary designation, not by the terms of your will. If there’s no named beneficiary, fulfilling your wishes may face significant delays and costs. Who to contact with questions Please contact Benefits at 256-824-6640 or Benefits@UAH.edu with any questions regarding designating Life Insurance beneficiaries. For questions regarding TRS Pension Plan, please contact Retirement Systems of Alabama at 334-517-7000. For questions regarding 403(b) or 457(b), please contact TIAA at 800-842-2252.
