Keep your beneficiary designations up to date.
It is important to review and update your beneficiary designations regularly and especially following life changes to ensure your benefits are distributed according to your wishes. Often we think that beneficiary designations are only important for life insurance, but your retirement plans should not be overlooked.
- If you are a member of the Teachers Retirement System (TRS), valuable death benefits can include lump sum amounts of twice your annual salary up to $80,000.00, or valuable annuity payments dependent on your years of service. Download the TRS beneficiary designation form and return the form directly to TRS.
- If you are a participant the Optional Retirement Program (ORP), or the voluntary UTSaver Tax Sheltered Annuity (TSA) or UTSaver Deferred Compensation Plan (DCP), you should ensure a current beneficiary is on file for those retirement accounts. Download the beneficiary designation form and return the form directly to your retirement provider.
- Finally life insurance and accidental death and dismemberment beneficiary designations should also be reviewed. Download the Fort Dearborn Life beneficiary form and return that form to your local benefits office.
If you would like a specific topic discussed or have a question you would like answered in a future issue of this newsletter, please send your suggestions to LivingWell@utsystem.edu.
UT System Employee Benefits Web site: www.utsystem.edu/benefits/
UT System Retirement Programs Web site: www.utretirement.utsystem.edu
Your Local Benefits Office: www.utsystem.edu/benefits/contacts/#1