Human Resources & Workforce Diversity
Beneficiary Designation Changes
You should know . .
- Many UW benefit programs would pay death benefits to your survivors if you should die while participating in the program.
- Your will or trust document often is not enough to control how your death benefits are paid. You must either file a beneficiary designation with the program provider or allow state law or the program contract to determine who receives the benefit.
- Wisconsin marital property law may affect how some of your benefits are paid, but it does not affect payment of Wisconsin Retirement System, State Group Life Insurance, and Wisconsin Deferred Compensation benefits.
- It's important to keep a record of your beneficiary designations and to update them whenever your circumstances change.
What to do. . .
| Wisconsin Retirement System | University Insurance Association | EPIC Accidental Death and Dismemberment Benefit |
| State Group Life Insurance | ||
| Individual and Family Life Insurance |
Wisconsin Retirement System
- Read about statutory standard sequence. Standard sequence determines your beneficiary for WRS purposes unless you file a beneficiary designation with the Department of Employee Trust Funds.
- Check your annual statement from the Wisconsin Retirement System for the names of your current beneficiaries. (Annual statements are usually distributed in May.)
State Group Life Insurance
- Read about statutory standard sequence. Standard sequence determines your beneficiary for your life insurance as an employee through the State Group Life Insurance Program unless you file a beneficiary desigation with the Department of Employee Trust Funds.
- You, the employee, are the beneficiary for Spouse and Dependent coverage.
Individual and Family Life Insurance
- File a beneficiary designation with the University of Wisconsin System Staff Benefits Office to ensure death proceeds will be paid to the beneficiaries you choose.
- Contact your campus benefits office to obtain a printed beneficiary designation form.
-
If
you do not name a beneficiary, the following standard
sequence determines payment of death benefits:
-
Benefits
are paid in equal shares to the people in the
first group in the following list who are still
living at your death:
- Your spouse
- Your children
- Your parents
- Your grandchildren
- Your brothers and sisters
- Your estate
-
Benefits
from your spouse's insurance are paid in equal
shares to the people in the first group in the
following list who are still living at your spouse's
death:
- You
- Your children
- Your spouse's estate
-
Benefits
from your child's insurance are paid in equal
shares to the people in the first group in the
following list who are still living at your child's
death:
- You
- Your spouse
- Your children
- Your child's estate
-
Benefits
are paid in equal shares to the people in the
first group in the following list who are still
living at your death:
University Insurance Association, Inc.
- File a beneficiary designation with Minnesota Life Insurance Company to ensure death proceeds will be paid to the beneficiaries you choose.
- The beneficiary designation form is accessible on line or contact your campus benefits office.
-
If
you do not name a beneficiary, or if the designated
beneficiary does not survive you, the following standard
sequence determines payment of death benefits.
-
Benefits
are paid in equal shares to the people in the
first group in the following list who are still
living at your death:
- Your spouse
- Your children
- Your estate
-
Benefits
are paid in equal shares to the people in the
first group in the following list who are still
living at your death:
University of Wisconsin Employees, Inc.
- File a beneficiary designation with COUNTRY Life Insurance Company to ensure death proceeds will be paid to the beneficiaries you choose.
-
If
you do not name a beneficiary, the following standard
sequence determines payment of death benefits.
-
Benefits
are paid in equal shares to the people in the
first group in the following list who are still
living at your death:
- Your spouse
- Your children
- Your parents
- Your brothers and sisters
- Your estate
-
Benefits
are paid in equal shares to the people in the
first group in the following list who are still
living at your death:
Accidental Death and Dismemberment Insurance
- Name a beneficiary on the application form at initial enrollment.
- To change your beneficiary, contact your campus benefits office or the beneficiary designation form is accessible on line.
- If you do not name a beneficiary or if the designated beneficiary does not survive you, standard sequence determines payment of death benefits.
-
Benefits
are paid in equal shares to the people in the first
group in the following list who are still living at
your death:
- Your spouse
- Your children
- Your grandchildren
- Your parents
- Your brothers and sisters
- Your estate
- You, the employee, are the beneficiary for spouse and dependent coverage.
EPIC Accidental Death and Dismemberment Benefit
- Name a beneficiary on the application form at initial enrollment.
- To change your beneficiary, contact your campus benefits office or the beneficiary designation form is accessible on line.
- If the named beneficiary does not survive you, benefits are paid to your estate.
- You, the employee, are the beneficiary for spouse and dependent coverage.
Tax-Sheltered Annuity Program
- Name a beneficiary on the application form at initial enrollment.
- If you die before naming a beneficiary or annuitizing your account, your investment company will determine your beneficiary. Most companies follow one of two procedures: they pay all benefits directly to the deceased's estate; or they pay benefits to the surviving spouse, if any, and then to the deceased's estate.
- Look at the custodial agreement or contract you have with your TSA investment company. This document explains how your company determines beneficiaries.
- Check your most recent statement from your TSA investment company. The statement often includes the name of the person you selected as your beneficiary.
- If you wish to name a beneficiary other than the one(s) that would automatically be determined for you, you must file a beneficiary designation with the company.
- Contact information for TSA investment companies
Deferred Compensation Program
- Read about statutory standard sequence. Standard sequence determines your beneficiary for your Deferred Compensation account unless you file a beneficiary designation with Wisconsin Deferred Compensation.
This document was last revised on June 12, 2007
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