Think back to when you were a new employee and you enrolled in life insurance and a retirement plan – do you remember who you designated as beneficiaries on those accounts?
If you haven’t thought about this in a while, here’s how you can keep this important information up to date.
The person(s) you designate as a beneficiary is entitled to the money in those accounts when you pass away. We recommend your primary beneficiary be at least 18 years old.
The process for adding or updating beneficiaries varies depending on whether you’re working with life insurance or a retirement plan.
Life insurance
You can add or update beneficiaries for Accidental Death and Dismemberment, Group Life, or Supplemental Life insurance plans once a month in Employee Self-Service by navigating to Benefits & Wellness > Benefits > Manage Beneficiaries.
There are some situations where you’ll need to fill out a Beneficiary Designation form and email it to University Benefits at benefits@uiowa.edu. These situations include:
- Designating a trust or estate as a beneficiary.
- Electing a specific dollar amount for a beneficiary instead of a percentage.
- Making multiple changes to your beneficiaries in a single month.
- Making changes during benefits open enrollment.
- You are a retiree with a paid-up life insurance policy.
Additionally, the Uniform Transfers to Minors Act allows you to transfer financial assets to someone under 18 without establishing a trust. If you’re naming a minor as a beneficiary on your life insurance policies, you’ll need to fill out the Acceptance by Nominated Custodian form.
Retirement
If you’re enrolled in IPERS or TIAA, you will add or update beneficiaries through their respective websites.
University Benefits can answer questions about beneficiaries at 319-335-2676 or benefits@uiowa.edu.