Pick Your Person!
The choice is yours. The benefits are theirs.
This fall, we’re asking all State employees to take a look at their current beneficiary designations to confirm that their choices are still accurate and up to date. If they’re not, now’s the perfect time to pick a new person.
What is a beneficiary and why do I need one?
A beneficiary is a person (or persons) you name to receive a benefit in the event of your death. Life insurance, retirement savings plans, and even the health savings account (HSA) provide a benefit to a designated beneficiary.
Naming a beneficiary ensures your money will go where you want it to. Your loved ones will get timely access—without legal hassles—to money they’re entited to in the event of your passing.
As your life changes, make sure you update your beneficiary information accordingly. Life events like marriage, divorce, the birth of a child, and the passing of a loved one may have an impact on your beneficiary information.
You are not limited to naming one individual to be your beneficiary; you can elect more than one person to be your primary beneficiary. You may also elect secondary beneficiaries—known as contingent beneficiaries.
Naming a Contingent Beneficiary
A contingent beneficiary is second in line for your benefit. He or she would receive a benefit only if your primary beneficiary cannot, but it’s a good idea to elect a contingent beneficiary just in case your primary can’t be located, declines the benefit, isn’t legally permitted to accept it, or dies before you do.
Which benefits need a beneficiary?
- Life insurance (The Hartford)
- Health savings account (Anchor Choice Plan)
- Retirement savings plans
- Voluntary 457(b) deferred compensation plans (Fidelity, TIAA, Voya)
- Compulsory hybrid retirement plan
- Employees’ Retirement System of Rhode Island (ERSRI) Defined Benefit Plan
- 401(a) defined contribution plan (TIAA)
Please Note
Special retirement plan notes for non-classified employees at the Community College of Rhode Island, Rhode Island College, and the University of Rhode Island:
- If you were not previously employed elsewhere in the classified or unclassified service of the State, you likely have a different retirement savings plan administered under the Council on Postsecondary Education (the “Council”).
- Regardless of other previous State employment, you also have access to a separate 457(b) deferred compensation plan under the Council and could contribute to either the State’s or the Council’s 457(b) deferred compensation plan.
Doesn’t the Office of Employee Benefits keep track of my beneficiary designations?
Unfortunately, no. Since they’re all managed by different entities, that information is kept separately with individual carriers. That’s why we’re asking State employees to take this important step. It’s protection for you and your loved ones!
How do I update or name a beneficiary for my benefits?
Although several benefits require a beneficiary designation, each has different procedures for designating your beneficiary. See how to pick your person by selecting the benefits that apply to you below:
Life Insurance Through The Hartford
Unless waived, State employees automatically receive a basic level of life insurance and accidental death and dismemberment coverage upon hire. This is a benefit payable to your beneficiary upon your death.
To designate or update your beneficiary, call 1-855-396-7655, or log in to the website; enter your User ID: employee initials (lowercase) + last 4 of SSN and your password: employee initials (lowercase) + DOB (MMDDYYYY).
Health Savings Account Through BCBSRI/UMB Bank
If you participate in the Anchor Choice medical plan, you have a health savings account (HSA) at UMB Bank. If you die before you’ve used all your HSA funds or withdrawn them from your HSA, the balance will be payable to your named beneficiary.
To name a new beneficiary, use your single sign-in on the Blue Cross & Blue Shield of Rhode Island website, and link to the HSA administrator’s portal. You’ll find the beneficiary form on your personal dashboard under “Documents and Forms.” Complete the form, and send it via email, regular U.S. mail, or fax to the address or number at the bottom of the form.
You will need to have the last four digits of the Social Security numbers for each person you name as primary and secondary beneficiary. If you’re married but do not select your spouse as primary beneficiary, your spouse will need to sign a section of the form waiving his or her claim to your benefit.
Deferred Compensation Plan Through Fidelity
Your 457 plan’s account balance will be payable to your named beneficiary upon your death. If your 457 plan is managed through Fidelity, you can change your beneficiary by logging in to Fidelity NetBenefits® and clicking the Profile link. Select Beneficiaries, and follow the online instructions.
You may also text CARE to 343898 to change your beneficiary from your mobile device. This will also require a login to NetBenefits.
Fidelity requires Social Security numbers for each designated beneficiary. You do not need to get a spousal sign-off if you name someone other than your spouse as your beneficiary.
Once you have completed your beneficiary designations, you will be able to view them on NetBenefits. For questions, contact Fidelity at 800-343-0860, Monday through Friday, from 8:00 a.m. to midnight Eastern Time.
Deferred Compensation Plan Through Voya
Although it’s preferred, you do not need Social Security numbers for your beneficiary designations. Also, if you name someone other than your spouse to be your beneficiary, you do not need signed spousal consent.
For step-by-step instructions, review this flyer.
Deferred Compensation Plan Through TIAA
Your 457 plan’s account balance will be payable to your named beneficiary upon your death. If your 457 plan is managed through TIAA, you can change your beneficiary by following these steps:
- Go to TIAA.org to register and/or log in to your account (Note: You’ll need a user ID and valid email address to sign up).
- Once logged in, under the Action tab, choose Add/Edit beneficiaries.
- From there, you can designate beneficiaries and select how much each should receive.
While it is preferred, you do not need Social Security numbers for your beneficiaries, and if you elect someone other than your spouse, you do not need spousal consent.
If you have questions or need assistance, visit TIAA’s beneficiary resource center or call 800-842-2252.
401(a) Defined Contribution Retirement Plan Through TIAA
If you have a 401(a) plan, your account balance will be payable to your named beneficiary upon your death. You can change your beneficiary by following these steps:
- Go to TIAA.org to register and/or log in to your account (Note: You’ll need a user ID and valid email address to sign up).
- Once logged in, under the Action tab, choose Add/Edit beneficiaries.
- From there, you can designate beneficiaries and select how much each should receive.
While it is preferred, you do not need Social Security numbers for your beneficiaries, and if you elect someone other than your spouse, you do not need spousal consent.
If your 457 deferred compensation plan is also managed by TIAA, you are permitted to name different beneficiaries for each plan.
If you have questions or need assistance, visit TIAA’s beneficiary resource center or call 800-842-2252.
Employees’ Retirement System of Rhode Island (ERSRI)
To update your beneficiary information for your ERSRI retirement benefit, you will need to print and complete this form, available on the ERSRI website. Detailed instructions are included on the form, and more information about the benefits associated with your ERSRI retirement account are located here.
This designation requires your signature to be notarized. Completed forms should be submitted directly to ERSRI by mail.
Can I name someone other than my spouse as my beneficiary?
Yes. You may pick any person or persons to be your primary and/or contingent beneficiary. However, in some cases, your spouse may be required to sign a waiver if you elect someone other than your spouse.
Can I change my beneficiaries any time, or only during open enrollment?
You can change your beneficiaries at any time, as often as you like. There’s no limit to the number of times you can change your beneficiary.