March > Retirement Corner
Keep Your Retirement Plan Beneficiaries Up to Date
It is important to review and update your beneficiary designations regularly, especially following life changes. This is the only way to ensure that your benefits will be distributed according to your wishes. Most people know that beneficiary designations are important for life insurance, but your retirement plans should not be overlooked.
- If you are a member of the Teachers Retirement System (TRS), death benefits can include either a lump sum amount of twice your annual salary (up to a total of $80,000.00) or valuable annuity payments, depending on your years of service. You can download the TRS beneficiary designation form, which should be returned directly to TRS, by visiting the TRS website at www.trs.state.tx.us.
- If you are a participant in the Optional Retirement Program (ORP), or you contribute to a voluntary UTSaver Tax Sheltered Annuity (TSA) or to the UTSaver Deferred Compensation Plan (DCP), you should ensure that a current beneficiary is on file for those retirement accounts. Please contact your approved provider to ensure your beneficiary information is up to date. You can locate your provider contact information on our website at: www.utretirement.utsystem.edu/providers.htm.
To learn more about your voluntary retirement options or to enroll, please visit our website at: www.utretirement.utsystem.edu.