Human Resources reminds employees of importance of beneficiary designations

As fall arrives and benefit open enrollment for 2022 approaches, Human Resources would like to remind faculty and staff that now is a good time to think about their beneficiaries on file with the many Purdue benefits where beneficiary information is requested as part of the program.

Purdue’s benefit options and Healthy Boiler Program are designed to provide coverage and resources for overall well-being. Designating beneficiaries is one way employees are able to extend that coverage and protect their loved ones.

Making sure affairs are in order and checking in from time to time is key when it comes to protecting loved ones. Ensuring that beneficiary information is up-to-date can help them when it matters most. Several Purdue benefit programs provide for beneficiaries in the event of death, so maintaining updated information at all times is very important.

Actively choosing beneficiaries can help ensure that funds are appropriately distributed and not defaulted to the estate. 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 require a beneficiary designation are:

• Health savings account (HSA).
• Life insurance (i.e., accidental death and dismemberment, term life).
• Universal life.
• 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.

For assistance with updating beneficiary records, contact Human Resources at hr@purdue.edu or at 765-494-2222.