Periodically checking your beneficiaries are up-to-date will help ensure an smooth transfer of assets when the time comes. To update them, follow the steps below:
- Login to erisa.net/participant.
- Click MY PROFILE in the top right of your browser.
- In the sidebar, click Beneficiaries.
- Click Add Primary Beneficiary, or Add Contingent Beneficiary.
- Complete all the required fields.
- Click Continue.
- Repeat steps 4-6 as needed.
- Click Save.
FAQ
What are primary and contingent beneficiaries?
Primary beneficiaries are the first choice to receive your account benefits. It can be one individual, such as your spouse, or spread across several people. It can also be designated to a trust you established. Your designations must always add up to 100%.
Contingent beneficiaries can help guarantee that you always have a designated beneficiary available to receive your account benefit. Like primary beneficiaries, you may designate several people to receive your account benefit as long as the allocation adds up to 100%.
What happens if I don't designate a beneficiary?
If you have not made any designation, the plan may rely on default beneficiary determination. Check your plan’s documentation for more information. Often, the determination of your beneficiary will behave like this: Surviving Spouse > Surviving Children (in equal shares) > Your Estate.
Even though there is default language, it’s best to designate your beneficiaries to avoid your balance being held up in administrative processes, including probate court.
What happens if I divorced, but didn't update my beneficiaries?
Subject to your plan’s provisions, your designation may become invalidated upon divorce. Check your plan documents for guidance, or email [email protected] with any questions or concerns.
Generally, unless otherwise designated under a divorce decree or QDRO, the designation of your prior spouse is automatically rescinded.
I'm receiving an error trying to add a trust account, how can I add this as my beneficiary?
If you are adding a trust/entity as a beneficiary, you may receive a Functionality temporarily unavailable error when you save. Please limit the characters used in the name field to 40 or less to resolve the issue.