1. RETIREMENT PLAN WEBSITE
ENHANCEMENT TO OUR
RETIREMENT PLAN WEBSITE
Great News! Effective on xx/xx/xx, we are pleased to offer you the ability to designate and change your Plan beneficiaries online.
Beneficiary designations are a very important, yet often overlooked ,component of your retirement plan. Should the unfortunate happen, keeping these designations in good order ensures that your retirement benefits will go to the people you want receive them (reducing the chance of court or probate-related challenges). Having the ability to review, update, and manage your beneficiary designations online will make this process easier than ever for you as a plan participant..
To designate or change your Plan beneficiary online, please follow the below simple steps:
1. Login to your retirement account at (Participant Accounts / Retirement Account)
2. Under the PERSONAL INFORMATION tab, choose “Designate Beneficiary”
3. Select the appropriate Marital Status
4. Complete your designations
Please note that if you are
married, and you choose
someone other than your spouse
as the 100% Primary Beneficiary,
you will need to submit a Spousal
Consent Form to us to validate the
designation. Under this scenario,
if a properly completed spousal
consent from is not obtained, the
death benefits under the Plan will
automatically be payable in full to
your surviving spouse.
The rollout of this new feature offers a perfect opportunity to ensure your beneficiary designations are up-to-date. At this time, we are asking all employees who have a balance in our retirement plan to log on and update your beneficiary designations online. This step is critical to ensure that your intentions for account beneficiaries are properly recorded. This will be used for all future designations as well.
If you do not elect to update your beneficiary designations online, the most recent “paper” designation that we have on file for you will remain in place. However, since this information quickly becomes outdated, updating your beneficiaries through the website is strongly recommended.