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Life Happens: Keep Your Beneficiary Up to Date

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Retirement Corner

familyWhen was the last time you checked the beneficiary for your retirement account(s)? Things may have changed since you first set it up: a new baby, different partner, etc.

Often, we think that beneficiary designations are only important for life insurance, but your retirement plans should not be overlooked. Don’t assume you’re set because you’ve spelled out your wishes in a will. Retirement plan assets will be transferred according to the terms of your plan’s beneficiary designation, not by the terms of your will. And if there’s no named beneficiary—maybe you initially let your account default to “estate”—this also could delay settlement to your loved ones.

If you are a member of the Teachers Retirement System (TRS), 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. Make sure your beneficiary designation is up to date by visiting the TRS website at https://trs.texas.gov or calling at 1-800-223-8778.

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 contact your approved provider to ensure your beneficiary information is up to date. You can locate your provider contact information be visiting our website at: Approved Providers

Parts of this article courtesy of TIAA.