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Are Your Beneficiaries Up to Date?

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Retirement Corner

family proctectedKeep your beneficiary designations up to date.

As the new year gets into full swing, this is a good time to review and update your beneficiary designations to ensure your benefits are distributed according to your wishes. Often we think that beneficiary designations are only important for life insurance, but your retirement plans should not be overlooked.

  • If you are a member of the Teachers Retirement System (TRS), valuable death benefits can include lump sum amounts of twice your annual salary up to $80,000.00, or valuable annuity payments dependent on your years of service. Download the TRS beneficiary designation form and return the form directly to TRS by visiting the TRS website at http://www.trs.texas.gov/.
  • If you are a participant the Optional Retirement Program (ORP), or you contribute to the voluntary UTSaver Tax Sheltered Annuity (TSA) or UTSaver Deferred Compensation Plan (DCP), you should ensure a current beneficiary is on file for those retirement accounts. Please check directly with your approved provider to ensure your beneficiary information is up to date. You can locate your provider contact information be visiting our website at: http://www.utretirement.utsystem.edu/providers.htm

Though retirement plans are important, this does not mean you shouldn’t also take a look at your life insurance benefits. UT System, through the vendor Dearborn National, provides eligible employees with $40,000 basic GTL as part of the basic coverage package. Benefits-eligible employees enrolled in the UT SELECT Medical Plan are automatically enrolled in this basic coverage and have the option to increase this coverage up to 10 times your salary. Which makes keeping your beneficiary up to date that much more important. If you have any questions about your life insurance coverage, or want to learn more about maintaining your beneficiary for your life insurance, visit https://www.dearbornnational.com/ut/lang_en/employees/online_beneficiary_management.html.