What Is a Beneficiary?
A beneficiary is a person (or entity) who is designated to receive the benefits of property owned by someone else.
A beneficiary can be designated in the documents relating to a life insurance policy, a retirement account, a brokerage account, a bank account, and other financial products.
It’s important to designate beneficiaries for your financial assets so that they can be distributed according to your wishes if you pass away.
When should you update your Beneficiaries?
Beneficiaries can be updated at any time. Times to consider updating your beneficiaries include, but not limited to, a major change in your life, such as marriage, widowhood or a divorce, you should review your beneficiary designation and make necessary changes. If you do not remember who you have designated as your beneficiary, or do not remember making a designation, you should review and update/designate as appropriate.
Have you updated your Beneficiaries lately?
TIAA, our carrier for the CURP plan and a provider for our 403b plan, is committed to help your retirement journey by making your TIAA experience better. Investing in improvements, solutions, and capabilities to make it easier for you to manage your retirement account. TIAA participants can now update beneficiary designations using your mobile device. TIAA participants can download the APP.
MOSERS participants: To update your beneficiary designations, log in to myMOSERS. Complete and submit the Designation/Change of Beneficiaries form (“Life Ins Beneficiaries” from the Forms drop-down menu) for basic and optional life insurance. If you are a member of the MSEP 2011 or the Judicial Plan 2011, you should also complete and submit the Contribution Beneficiaries form for your employee contributions.
Did you update your life insurance beneficiary during Open enrollment?
If you did not update during open enrollment, or you need to make a change to your beneficiary, you may update your life insurance beneficiary by calling our benefit call center at 877-282-0808.