Why You Need to Update Your Beneficiaries

When was the last time you thought about your beneficiary designations? Now might be the right time.

Your beneficiary designations for your 403(b), 457(b), and DC accounts ensure that your balances will go to the person you choose in the event of your death.

WHAT HAPPENS IF YOU HAVE NO BENEFICIARY ON FILE

If you die but have not named a beneficiary, your account balances will be distributed as follows:

  1. Your current spouse/domestic partner
  2. Your children or their children
  3. Your parents
  4. Your siblings
  5. Your estate

If you have had any changes in your family status, your choices may be out of date. If you’re just not sure, it’s easy to check your beneficiaries on NetBenefits® and make any necessary changes.

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

 

 

ERNA