Are your beneficiaries up to date?
Now that Open Enrollment is over, and your 2023 benefits are in place, it’s a good time to review and update the beneficiaries listed on your IU benefit plans.
Avoid common mistakes
Many people don’t realize that beneficiary designations override any instructions you leave in your will. If your beneficiaries are outdated, your assets could end up in the wrong hands, leaving your unnamed beneficiary with little legal recourse, if any.
Another common oversight is naming minor children as beneficiaries. There are strict laws regarding the payment of benefits to minors, so you should consult a legal advisor to determine the best way to accomplish this under state law.
Update your beneficiaries online
Remember that you must name beneficiaries for each plan. This means you must choose beneficiaries for each benefit and each retirement account separately. To get started, visit the links below or follow these step-by-step instructions.
You can update your beneficiaries for these plans through IU by submitting an Optional Benefit Change through the Employee Center (select the Benefit Details tile to begin):
- Basic Life Insurance.
- Supplemental Life Insurance.
- Supplemental AD&D.
Beneficiary designations for the following plans must be made through the vendor by logging in to your online account:
- Health Savings Account: Nyhart.
- Retirement plans: Fidelity, TIAA (legacy accounts) or INPRS (PERF participants).
Planning for the future
If you’re looking for ways to plan and save for your future, or for that of future generations, join Fidelity for an upcoming web workshop.
- Noon to 1 p.m. Dec. 2: Preserving Your Savings for Future Generations
- Noon to 1 p.m. Jan. 13: Fidelity Women Talk Money: Organize, Plan and Own Your Future
Your IU-provided basic life insurance also includes online resources and services to help you plan for the future, including estate and funeral planning or creating a will. Follow the links below to learn more.
- Employees and IU residents: Life Services Toolkit
- Student academic appointees: Anthem’s Resource Advisor
For questions about your IU benefits or how to update your beneficiaries, contact IU Human Resources at firstname.lastname@example.org or 812-856-1234.