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Update Your Beneficiaries

Your life insurance and retirement benefits could provide valuable financial support to your loved ones if you die, giving them a temporary or partial source of income while adjusting to their loss.

 

But if your beneficiary designations are not up to date, you risk having this money go to an unintended person or getting tied up in legal or estate complications. Take just a few minutes to designate or update your beneficiaries.

 

Basic and Supplemental Life and AD&D Insurance

 

You can name anyone to receive your life and AD&D insurance benefits. However, if you are married, your legal spouse will be entitled to receive, upon your death, life and/or AD&D insurance proceeds. You may designate someone else to be your primary beneficiary — but only with your spouse’s consent (by completing a waiver form with signature witnessed by a notary).

If you die without having designated beneficiaries, the coverage amounts are usually paid to your next of kin. Depending on your family situation, that could be your legal spouse, adult children, parents, or siblings.

 

To see and update your life and AD&D insurance beneficiaries, visit: PeopleSoft Self Service

(Link works while logged in to a District computer only)

 

Retirement Plans and Accounts

 

The rules for retirement plan beneficiaries depend on your marital status:

 

If you are married, your legal spouse will be entitled to receive, upon your death, any benefits payable from the plan. You may designate someone else to be your primary beneficiary — but only with your spouse’s consent (by completing a waiver form with signature witnessed by a notary).

 

If you are single, you can name anyone to be your beneficiary. However, if you later marry, the beneficiary designation you made when you were single will become null and void on the date of your marriage, and, unless you complete a new beneficiary designation, your spouse will become your sole beneficiary (see if you are married, above).

 

To see and update your retirement beneficiaries, visit:

 

Designating Minor Children

 

A mistake that parents often make is to name minor children as beneficiaries without appointing guardians. The rules vary by state, but unless you’ve named legal guardians for
your children through a trust, the courts could decide when and how your children receive
the money.

Beneficiaries

Are individuals who will receive life insurance proceeds (and possibly) AD&D insurance proceeds, retirement plan benefits and/or account balances if you die while employed at the District.