Life happens: Keep your beneficiaries current
Posted 5/21/18 (Mon)
When was the last time you checked the beneficiary information on your NDPERS 401(a) Defined Contribution and 457(b) Deferred Compensation retirement accounts? Life changes, such as a new baby or a new partner, can mean a beneficiary change is needed too.
Don’t assume you’re covered because you’ve spelled out your wishes in a will. Retirement plan assets will be transferred according to the terms of your named beneficiary designation, not by the terms of your will. And if there’s no named beneficiary—maybe you initially let your account default to “estate”—this also could delay settlement to your loved ones.
It’s quick and easy to do
To confirm or update your beneficiaries:
- Go to TIAA.org/ndpers.
- Note: If you’re accessing your account for the first time, select Log in and then Register for online access.
- Under the Actions tab, select Add/edit beneficiaries. From there, you can designate beneficiaries and select how much each should receive.
- Call TIAA at 800-842-2252 to speak to a representative.
You can change your beneficiary again at any time, so your retirement account can keep up with your life.