It is important to designate beneficiaries to ensure they receive your assets upon your death. Crew members can name or change their beneficiaries for the benefits listed below at any time. Unlike other benefits changes, you do not need to wait for a life event.
Tips for naming or changing your beneficiaries:
- Have the following information available for your intended beneficiary when making updates to your plan: name, relationship, date of birth, address, and Social Security number.
- Note that beneficiary designations do not carry over between benefits and must be updated separately. For example, if you recently updated your life insurance beneficiaries, you still need to take steps to update the beneficiaries for your Retirement Savings Plan (RSP).
- Review and update your beneficiary designations periodically, particularly when you experience a major life event such as a birth, marriage, divorce, or death in the family.
- Be sure your allocation percentages each add up to 100% for both the primary and secondary (contingent) beneficiaries if you are naming more than one beneficiary.
Naming or changing RSP beneficiaries
It's easy to name beneficiaries and update your beneficiary information online at vanguard.com/retirementplans.
Naming or changing life insurance beneficiaries
To add or edit beneficiary's personal information
Go to Workday and type "beneficiaries" in the search bar. Click Add to add a new beneficiary or Edit to change an existing beneficiary's personal information. If you add a new beneficiary, you must complete the steps below to allocate a percentage to this person.
To change the amount allocated to a beneficiary
In Workday, type "change benefits" in the search bar and select the Change Benefits search result. Then, follow these steps:
- Select Beneficiary Change as the Benefit Event Type.
- Enter the current date as the Benefit Event Date and click Submit to send your event notification to Crew Central™.
- Click Open on the next page and complete the steps to allocate new percentages to your beneficiaries. (Note: To remove a beneficiary, click the minus sign to remove the row for that beneficiary.)
Naming or changing HSA beneficiaries
Crew members enrolled in the High-Deductible Health Plan (HDHP) most likely have a health savings account (HSA) with HealthSavings Administrators.
To designate or change a beneficiary on your account, please refer to Health savings accounts (HSAs): Q&A: Beneficiaries in Research.