Posted 10:41 a.m. Monday, July 10, 2023
When was the last time you reviewed your beneficiary designations?
Naming a beneficiary allows you to transfer a financial interest to a specific person after you have passed away. If you do not remember who you have listed as your beneficiary, or you have experienced a life event such as a marriage, divorce, or birth of a child, review and submit updated beneficiary designations.
The most recently dated beneficiary designation on file at the time of your death is binding for the payment of any proceeds. If a beneficiary is not designated, benefits will be paid according to plan provisions (not your will).
Here is a list of the plans that have benefits payable to beneficiaries:
- State Group Life Insurance
- Individual & Family Life Insurance
- UW Employees, Inc. Life Insurance
- University Insurance Association Life Insurance
- Accidental Death & Dismemberment Insurance
- Accident Insurance (accidental death & dismemberment component of the plan)
- Health Savings Account (HSA)
- Wisconsin Retirement System (WRS)
- UW 403(b) Supplemental Retirement Program (SRP)
- Wisconsin Deferred Compensation (WDC) 457 Program
To see which benefit plans you are enrolled in, log into the portal for UW System institutions and follow these steps:
- Go to the Benefit Information tile and click Launch full app.
- On the Summary page, review the Coverage column to see which plans you’re enrolled in (waive indicates you are not enrolled).
- Click Next to see additional plans.
- Review the plans you are enrolled in that have benefits payable to beneficiaries.
The UW System Beneficiary Information web page provides information on how to designate a beneficiary for each benefit plan. Some plans allow you to update your beneficiary designations online while others require a signed paper form. If a plan you are enrolled in requires a paper form, print the applicable beneficiary form(s) from the Beneficiary Information page, and mail the completed forms directly to the address listed on the form (not to your human resources office).
