Human Resources reminds employees of importance of beneficiary designations

Several Purdue benefits provide for beneficiaries in the event of death, so updated information is very important.

Actively choosing beneficiaries can help ensure that funds are appropriately distributed where they are intended to go, and employees can make changes at any time. Once beneficiaries are established, it is recommended to review those designations each year to ensure that no changes are needed – or to make updates if they are needed.

Purdue benefit programs that allow for a beneficiary designation are:

• Health savings account (HSA).
• Life insurance (i.e., accidental death and dismemberment (AD&D), term life).
• Universal life.
• Retirement – Employees can set beneficiaries for each plan they have.
• Retirement accounts (e.g., Fidelity, PERF, accounts with former retirement plan providers, such as TIAA).

To review and update beneficiaries for AD&D, term life and universal life insurance in Benefitfocus, employees may follow these instructions at any time throughout the year.

For all other plans, visit the Beneficiary Management webpage for instructions.

Fidelity allows beneficiaries to be added or updated via text message. Text CARE to 343-898 to receive a direct link to update beneficiary designations.

Additionally, participants in Fidelity retirement plans will receive a communication from Fidelity next week encouraging them to review and/or add a beneficiary. A follow-up communication to participants in Fidelity retirement plans 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 make an appointment, call 800-642-7131 or schedule online. Employees at the regional campuses also can schedule for their respective campuses via the same number and link. For more details on what to expect, see the “Retirement Planning – How You Benefit from a Fidelity Consultation” video.

Questions

For assistance with beneficiary records, contact Human Resources at hr@purdue.edu, 765-494-2222 or toll-free at 877-725-0222.