With the change of seasons and academic year comes the reminder that other things might need to be re-evaluated and changed, too — like the beneficiary designations on your benefits accounts.
Because your beneficiary will receive the value of the specified benefit if you die, it is important that you review your designation every few years or after major changes in your life, such as a marriage, birth, divorce or death. You can guard against complications and help ensure faster payment of benefits by keeping your beneficiary designation current and as simple as possible.
Accounts that should be reviewed include retirement, tax-deferred investments (TDI) and life insurance. It is possible you have different beneficiaries designated for each of the programs, so it is critical that you look at each benefit account.
If adjustments are needed, follow the procedures below. Before you start, be sure to have the proper spelling of the name of the beneficiary and that person’s date of birth and Social Security number or taxpayer ID number. It is always a good idea to have a primary beneficiary as well as a contingent beneficiary.
• Beneficiary changes to PERS retirement via the state Department of Retirement Systems can be made on paper only. Obtain the form from the DRS website at www.drs.wa.gov or the WSU Benefit Services website at www.wsu.edu/benefits and click on “PDF Forms.” You also can contact the Benefit Services office at 335-4589 or e-mail benefits@wsu.edu. Send the completed form to Benefit Services at mail stop 1023.
• Make non-PERS WSU retirement program and TDI beneficiary changes online at www.tiaa-cref.org by clicking “My Accounts” and selecting “Beneficiary.” First, establish a self-selected personal identification number (PIN) so you can log in with your name, social security number and PIN. If you have questions, call TIAA-CREF at 800–842–2776.
• Changes to WSU life insurance via the carrier ING can be made with the help of Benefits Services staff. Call 335-4589, e-mail benefits@wsu.edu or visit the website at www.wsu.edu/benefits and click on “PDF Forms.” Return the completed form to Benefit Services, French Administration 232, or campus mail stop 1023.
