UNDERSTAND

This page describes what a beneficiary is, why it is important to keep beneficiary designations up to date, and how to change your beneficiary designation.

What is a Beneficiary?

A beneficiary is a person or legal entity that is entitled to receive the proceeds from an estate, trust, retirement account, life insurance policy, or transfer on death accounts. A beneficiary can be one or more individuals or organizations, such as a trust or charity. You can designate two types of beneficiaries:

• Primary beneficiaries are first in line to receive the designated asset upon your death.
• Secondary (or contingent) beneficiaries receive the asset if there are no surviving primary beneficiaries upon your death.

Importance of Beneficiary Designations

Named beneficiaries on insurance policies and retirement accounts generally supersede instructions in wills which is why it is important to file and keep your beneficiary designations up to date. By periodically reviewing your beneficiary designations for your UW benefit plans, personal insurance plans, and other financial accounts, you can rest assured that your assets will be distributed according to your wishes.

Review Your Beneficiary Designations

Review and update your beneficiaries when:

• You experience a major life event such as a birth, marriage, dissolution of marriage or domestic partnership, or death in the family.
• You update your will or estate plan. Consult with your legal advisor when you create a will to make sure that you understand whether the beneficiary designations you make on insurance plans or financial accounts are affected by your will.
• You roll over a 401(k) or Individual Retirement Account (IRA).
• You receive a beneficiary verification notice.

Keep copies of your beneficiary designation forms. If you do not have copies of your current beneficiary designations, request copies from your account providers or complete a new beneficiary designation form—see instructions below.

Since the designations you make can override your will, we recommend you consult with a legal advisor and/or an estate planning professional before you make changes. For more information, see Vanguard's Guide to Naming Beneficiaries.

Life Insurance Beneficiaries

All eligible UW employees are covered for $25,000 of employer-provided life insurance and $5,000 AD&D insurance (under Part A should have designated their beneficiaries at the time of enrollment. Consider the following:

• If you wish to name someone other than your spouse or domestic partner as beneficiary, if you have special estate planning needs, or if you wish to assign ownership of your life insurance to another person, seek legal and tax advice before completing your beneficiary designation.
• If your marriage or domestic partnership dissolves, review your beneficiary designations to determine whether you need to make changes.
• If your beneficiary is a minor (under age 18), you may wish to consult with a legal advisor to ensure you understand how to best protect the rights of your minor beneficiary.

Employee death benefits are paid to the most recent beneficiary designation on file with the Benefits Office.

ACT

Update Beneficiary Designations on Your Life Insurance Policy

1. To update your beneficiary designation(s) through the Public Employees' Benefits Board (PEBB), refer to the Suggested Beneficary Designations section of the PEBB Life Insurance Enrollment Plan Book.
2. Download, complete, and sign the PEBB Life Insurance Beneficiary Designation Request form.
3. Return it to the UW Benefits Office, Box 359556.
4. Keep a copy of the completed form for your records.

Update Beneficiary Designation(s) on Your Retirement Plan(s)

UW Retirement Plan (UWRP)

If you participate in the UWRP, contact your fund sponsor(s). Each fund sponsor has its own secure, online form for updating beneficiary designations. Keep a copy of the completed form for your records.

Fidelity: www.fidelity.com
TIAA-CREF: www.tiaa-cref.org
Vanguard: www.vanguard.com

PERS, TRS, or LEOFF Plan

1. To update your beneficiary designation(s) through the Department of Retirement Systems (DRS) for PERS, TRS, or LEOFF retirement plans, download, complete, and sign the DRS Member/Retiree Beneficiary Designation form.
2. Return it to the DRS (address on the form).
3. Keep a copy of the completed form for your records.

Voluntary Investment Program (VIP)

If you participate in the VIP, contact your fund sponsor(s). Each fund sponsor has its own secure, online form for updating beneficiary designations. Keep a copy of the completed form for your records.

Calvert: www.calvert.com
Fidelity: www.fidelity.com
TIAA-CREF: www.tiaa-cref.org
Vanguard: www.vanguard.com

Washington State Deferred Compensation Program (WSDCP)

If you participate in the WSDCP plan through the DRS:

1. Download, complete, and sign the WSDCP Beneficiary Designation form.
2. Return it to the DRS (address on form).
3. Keep a copy of the completed form for your records.

RESOURCES

• From Vanguard: Your Guide to Beneficiaries
• Samples of Beneficiary Designations
• Changing Your Health Care Coverage Due to a Qualifying Life Event

---

Disclaimer: The University provides educational information and tools to help you make choices that suit your individual goals. The University cannot provide investment advice to employees. Consider consulting an independent legal or tax advisor for specific legal or tax advice about your personal situation.

• uwhr@uw.edu |
• HR Contacts

Copyright © 2007 University of Washington