What Is a Beneficiary?

A beneficiary is the person—or entity—you name to receive your financial assets after your death. These assets can include life insurance benefits, retirement accounts, bank and brokerage accounts, and more.

Designating beneficiaries is essential to ensure your assets are passed on according to your wishes. It also allows your loved ones to avoid the time-consuming and potentially costly probate process, since beneficiary-designated assets typically bypass probate altogether.

When Should You Review and Update Your Beneficiaries?

You can update your beneficiary designations at any time, but it’s especially important to review them after major life events, such as:

• Marriage or divorce
• The birth or adoption of a child
• The death of a named beneficiary
• Any significant change in your relationships or intentions

Even without a major event, it’s a good idea to periodically review your beneficiary information—especially if you don’t recall who you’ve listed. Outdated designations can result in your assets going to unintended recipients.

How to Update Your Beneficiaries

TIAA Participants (CURP & 403(b) Plans):
If you’re enrolled in the College and University Retirement Plan (CURP) or have a 403(b) account with TIAA, beneficiary updates are easy and can be done on your mobile device using the TIAA mobile app.

Note: Beneficiaries for 403(b) and 457(b) accounts should be updated directly with the asset manager (such as TIAA or another provider), not through the university’s HR system.

MOSERS Participants (Pension Plans):
If you are a participant in the Missouri State Employees’ Retirement System (MOSERS):

• Log in to your myMOSERS account.
• If you are a member of the MSEP 2011 even if you are not vested1, complete and submit the Contribution Beneficiaries form to designate who will receive any employee contributions made to your pension in the event of your death.

Didn’t Update During Open Enrollment?

If you didn’t update your life, critical illness, accident, or hospital insurance plan beneficiaries during open enrollment—or need to make changes now—you still can. Simply call our Benefits Call Center at 877-282-0808 for assistance.

Final Thoughts

Designating and updating your beneficiaries is a simple but powerful step in your financial planning. It ensures your assets go where you intend and helps your loved ones avoid unnecessary delays and complications.

Take a few minutes today to check your accounts and make updates—it’s a small action that can make a big difference later.