How to Update Your Beneficiary

Saving and investing for your retirement are key parts of building a secure financial future.

But if you don’t also plan for what should happen to your UC retirement benefits if you die, your loved ones may not be able to have the security you worked so hard to build.

That’s why it’s important to name beneficiaries for all your UC retirement benefits plans. If you've already named beneficiaries, you should review and update them periodically.

HOW TO NAME YOUR BENEFICIARY

Here’s how to name or update your UC retirement plans and insurance benefits.

  • Pension Choice UCRP benefit: Sign in to At Your Service Online on UCnet.
  • Savings Choice or Pension Choice supplemental account: Log in to NetBenefits, then enter the names of your beneficiaries and the percentage of your account each should receive.
  • UC Retirement Plan and/or UC insurance. Sign in to At Your Service Online on UCnet.
  • UC Retirement Savings Plans (403b, 457b, DCP). Log in to NetBenefits, then enter the names of your beneficiaries and the percentage of your account each should receive.

WHY NAME A BENEFICIARY?

If a valid beneficiary designation is not on file at the time of your death, your assets may ultimately become payable to your estate, which could potentially cause a significant tax burden and major inconvenience for your loved ones. Even worse, your benefits may become payable to someone other than those you intended.

Your beneficiary designations ensure that your benefits will go to the person you choose in the event of your death. If you have had any changes in your family status, your choices may be out of date.

Whenever you have a significant life event, make sure you review and update your beneficiary designation(s) for all your benefits plans: UCRP; the UC Retirement Savings Plans; and your UC insurance benefits.

For additional security, consider naming a secondary beneficiary in case your primary beneficiary doesn’t survive you.

Keep in mind that you can change your beneficiary designations as often as you wish.

 

ERNA