Designating Your Beneficiaries
One of the most important decisions to make for your retirement plan accounts is the designation of beneficiaries. In the event of your death, your beneficiaries would be able to go directly to TIAA or Vanguard and file a beneficiary claim. Without any designations, your accounts would instead go to your estate and be distributed as part of probate proceedings – and not necessarily as you would have wanted.
Please note that beneficiary designations must be made for each of the three plans (Basic, Matching, and Supplemental). If, for example, you have a beneficiary designation on your Basic Plan account only, that designation won’t apply to the Matching and Supplemental Plans; those two plans would instead go to your estate. Also note that the beneficiary designations for your retirement plans and life insurance do not apply to each other.
To designate beneficiaries, please complete the applicable investment company’s form. Please be sure to indicate the plan(s) to which your designations apply.
If you have registered for online access to your accounts at these companies, you can also designate your beneficiaries online. You can change your designations at any time.