Beneficiary Designation Review
Beneficiary Designation Review
The University of Chicago offers valuable benefits that provide your beneficiaries financial protection in the event of your death. As part of our continuing effort to effectively manage The University of Chicago’s benefit plans, a Beneficiary Review is being conducted to ensure that all employees have a beneficiary designation on record.
Purpose
The purpose of the Beneficiary Review is to make certain that you have a beneficiary on record so your assets will be distributed according to your wishes. It is also a reminder to review your beneficiary designations and keep this information up to date when you have a family or personal change.
Frequently Asked Questions
Please review the full list of Frequently Asked Questions for more information.
What is a Beneficiary?
A beneficiary is a person or legal entity that has been designated to receive the proceeds from your assets in the event of your death. A beneficiary can be one or more individuals (i.e., spouse, children, relatives, or friends) or organizations, such as a trust or charity. You can designate two types of beneficiaries:
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Primary Beneficiaries are first to receive the designated assets upon your death. If you name more than one primary beneficiary, each will share the benefit equally, unless you indicate specific percentages totaling 100 percent are to be paid.
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Secondary (Contingent) Beneficiaries receive the assets if there are no surviving primary beneficiaries upon your death. Multiple contingent beneficiaries will share the benefit equally, unless you indicate specific percentages totaling 100 percent are to be paid.
Which of my benefits needs a beneficiary?
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Contributory Retirement Plan (CRP)
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Retirement Income Plan for Employees (ERIP) Defined Contribution
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Supplemental Retirement Program (SRP)
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457(b) Deferred Compensation Plan
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Retirement Income Plan for Employees Defined Benefit
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Pension Plan for Staff Employees (SEPP) Defined Benefit
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Basic Life Insurance
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Supplemental Life Insurance
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Personal Accident Insurance
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Health Savings Account through the Blue Cross Blue Shield HDHP Maroon Savings Choice Plan
Note: You are the beneficiary for Spouse and Child Life Insurance.
Why is it important to designate a beneficiary?
By having a designated beneficiary in place at the time of your death, your assets will be distributed according to your designation. If you die without having a valid beneficiary designation, your assets will be distributed to your estate.
When should you I review my beneficiary designations?
Beneficiary designations should be reviewed periodically. Especially if you experience a major life event such as a birth, marriage, dissolution of marriage or domestic partnership, or death in the family.
It is recommended to keep up-to-date copies of your beneficiary designation forms.
Retirement Plans
Beneficiary designations must be made for the Contributory Retirement Plan (CRP), Retirement Income Plan for Employees (ERIP) Defined Contribution, Supplemental Retirement Program (SRP), and 457(b) Deferred Compensation Plan at TIAA Beneficiary UChicago or by calling TIAA at 800. 842.2252.
Beneficiary designations for the Retirement Income Plan for Employees (ERIP) Defined Benefit and Pension Plan for Staff Employees (SEPP) Defined Benefit can be updated by completing a pension beneficiary designation form. If you need this form, please contact benefits@uchicago.edu.
Please keep the following in mind:
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If you have a beneficiary designation on your ERIP Plan (DC or DB) account only, that designation will not apply to the SRP and SEPP.Those plans would instead be paid to your estate unless a beneficiary is listed.
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Beneficiary designations for your retirement plans and life insurance do not apply to each other.
In the event of your death, your beneficiaries may contact TIAA directly to file a beneficiary claim. Without any designations, your accounts will instead go to your estate and be distributed as part of probate proceedings – and not necessarily as you would have wanted.
Life Insurance and Personal Accident Insurance
You must designate a beneficiary for Basic Life Insurance, Supplemental Life Insurance, and Personal Accident Insurance. Note that you are automatically the beneficiary for the Dependent Life coverage(s).
You can designate beneficiaries through Workday by following the steps in the Beneficiaries Quick Reference Guide under Managing Your Benefits in Workday.
Health Savings Account (HSA) through the BCBS HDHP Maroon Savings Choice Plan
You may designate a beneficiary to receive your HSA assets in the event of your death. Beneficiary designations can be made via the HSA Member Website.
However, if you are married, domiciled in a community property state, and designate a non-spouse primary beneficiary, you must submit an HSA Designation of Beneficiary Form with the notarized consent of your spouse.
Resources and Contacts
The Empathy Project, Inc. (Empathy)
VOYA Financial (VOYA), University of Chicago's Group Life administrator offers bereavement support, including Funeral Planning and Will Prep through Empathy to employees and their families who are covered for group life insurance through the University of Chicago.
AllOne Health
The Staff and Faculty Assistance Program (SFAP) is provided by AllOne Health. to assist you and your family members with the challenges of daily living. The program is confidential, available 24/7 and provides services for childcare, eldercare, legal, financial, and online skill builders.
MetLife Financial Wellness
MetLife offers financial wellness services to ERIP and CRP eligible Faculty, Staff, and Other Academic Appointees. These services include access to Financial Education Workshops and access to the MetLife Personal Finance App, which can help you build better financial habits, expand your knowledge and manage your money. To get started, download the app from The App Store or Google Play, visit their website at https://www.metlife.com/insurance/personal-finance or contact them at 800.638.5433.
Contacts |
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Empathy | 769.305.2683 | join.empathy.com/voya |
HSA Bank | 855.731.5220 | https://www.hsabank.com/hsabank/homepage |
AllOne Health LTD | 800.456.6327 | www.perspectivesltd.com |
TIAA | 800.842.2252 | tiaa.org/uchicago |
VOYA | 888.238.4840 | voya.com |
MetLife Financial Wellness | 800.638.5433 | https://www.metlife.com/insurance/personal-finance/ |