Less than 20% of OU’s employees have protected their retirement savings by choosing a beneficiary in Fidelity NetBenefits online. Have you? Neglecting a beneficiary designation could have significant consequences for the people important to you. Here’s what you need to know.
If you don't have a beneficiary named in each of your retirement plans, your estate will automatically inherit your savings. If this happens, the courts are sometimes involved and your assets may not go to the people you would have intended. This could delay or prevent the distribution of your savings to the people you care about.
You can also review your life insurance beneficiaries at your convenience in Employee Self-Service. It's a good idea to update all your beneficiaries after certain life events including marriage, divorce, death, or the birth of a child.
For information about updating beneficiaries in your TIAA-CREF account, visit TIAA.org
or call 1.866.843.5640.
Make your beneficiary wishes known:
- Log in to Fidelity NetBenefits.
- Select Your Profile.
- Select the Beneficiaries link under About You.
Need help? Call Fidelity customer service at 1.800.343.0860.
What is a Beneficiary?
Your beneficiary will receive the value of your retirement savings in the case of your death.