Keep Your Beneficiaries Up to Date

Life changes quickly, so make sure your benefits keep up with you. Getting married, divorced, welcoming a new child, or experiencing other major milestones can affect who you wish to elect as your beneficiary. That’s why it’s smart to periodically review designations for your life insurance, university retirement plan, and other voluntary benefits.

Beneficiary designations determine who receives benefits in the event of your injury or death. Benefits are paid based on what’s on file, not what may be listed in a personal document such as a will. The university recommends reviewing your beneficiaries at least once a year to ensure your wishes remain up to date.

Get started with your review:

• Workday: Review or update beneficiaries for life insurance and accidental death & dismemberment coverage (administered by Standard Insurance).
• TIAA and/or Fidelity: Manage beneficiary designations for your University of Arkansas Retirement Plan account.
• Hartford: Select a beneficiary for business travel accident insurance in case you are injured or die while traveling on business. Submit a beneficiary designation form to the Hartford via their website.
• Optum Bank: If you have a Health Savings Account (HSA), your chosen beneficiary determines how your account funds are distributed upon your death. Naming your spouse allows your spouse to inherit the HSA with its remaining balance and tax benefits, enabling continued use for eligible expenses. If you designate a non-spouse beneficiary, the HSA’s value is paid to that person as taxable income. Without a designated beneficiary, your HSA funds go to your estate and may be subject to higher taxes.

A few minutes now can help ensure your benefits are paid exactly as you intend.