A Matter of Health, Connecting Work & Life Newsletter

March > Retirement Corner

Retirement Corner

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 by visiting the TRS website at http://www.trs.state.tx.us/.
• If you are a participant the Optional Retirement Program (ORP), or you contribute to 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.  Please check directly with your approved provider to ensure your beneficiary information is up to date.  You can locate your provider contact information be visiting our website at: http://www.utretirement.utsystem.edu/providers.htm
• In addition to your beneficiary for your retirement account, your Life Insurance beneficiary designations should also be reviewed. You can now easily and quickly designate or change your Life beneficiaries online at Dearborn National’s secure website.  To learn more, read the article titled ‘Keep Your Beneficiary Designations Up To Date’ in the September 2010 edition of this newsletter at http://www.utsystem.edu/benefits/newsletter/10sep.htm.  If you have any questions, contact Dearborn National customer service toll free at 1-866-628-2606.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.