Human Resources reminds employees of the importance of beneficiary designations

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Several Purdue benefits provide beneficiaries in the event of death, so it is very important to have up-to-date information.

Active beneficiary choice can help ensure that funds are distributed correctly where they are intended, and employees can make changes at any time. Once beneficiaries are established, it is recommended that these designations be reviewed annually to ensure that no changes are necessary – or made updates as necessary.

The Purdue benefit programs that allow a beneficiary designation are:

  • Health Savings Account (HSA).
  • Life insurance (i.e. accidental death and dismemberment (ADD), term life).
  • Universal life.
  • Retirement – Employees can define beneficiaries for each plan they have.
  • Retirement accounts (eg, Fidelity, PERF, accounts with former pension plan providers, such as TIAA).

To review and update AD&D, Term Life and Universal Life Beneficiaries in Benefitfocus, employees can follow these instructions at any time of the year.

For all other plans, visit Beneficiary Management Web Page for instructions.

Fidelity allows you to add or update beneficiaries via SMS. Text CARE to 343-898 to receive a direct link to update beneficiary designations.

Additionally, participants in Fidelity’s pension plans will receive a communication from Fidelity next week encouraging them to review and/or add a beneficiary. A follow-up communication to Fidelity pension plan participants who have not named a beneficiary will be sent the week of May 23.

As a reminder, Fidelity retirement planners offer free services to Purdue employees regarding retirement planning, savings and more. To schedule an appointment, call 800-642-7131 or schedule an appointment online. Employees of regional campuses can also make an appointment for their respective campuses via the same number and link. For more details on what to expect, see the video “Retirement planning – How to benefit from a loyalty consultation”.

Questions

For assistance with beneficiary records, contact Human Resources at [email protected]765-494-2222 or toll free at 877-725-0222.

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