Who Stands to Inherit YOUR UC-WEALTH?
ATTENTION! URGENT MATTER--ONLINE BENEFICIARY DESIGNATION
Who stands to inherit YOUR UC-Wealth?
WHAT
This document outlines the new online process (effective immediately)
for reviewing, naming, changing retirement/savings and life insurance
plan beneficiaries.
If online access is impossible, active employees should use the new paper form (UBEN 116).
On ongoing basis, all beneficiary information will be submitted to
and maintained centrally at the Office of The President.
HOW
Go to the UC At Your Service website and select ?Your Benefits Online? on the right side of the home page and log on.
Select the link "View Your Beneficiaries" under either "Your Money" or "Your Health & Welfare".
Review each menu item to the left, from the top, down.
Enter appropriate data, review, and confirm the transactions.
BENEFICIARY DESIGNATIONS ARE NOT YET COMPLETE. YOU MUST NOW COMPLETE THEM!
Retirement/savings plans (UCRP, CAP, DC Plan, 403(b) Plan, etc.)
Only the following primary beneficiary information is displayed: name, date of birth, relationship (if available).
No primary beneficiary addresses are displayed.
No information for secondary beneficiaries is displayed.
Insurance plans (Basic and Supplemental Life, Senior Management Life, AD&D, and Business Travel)
No information is displayed.
WHAT YOU SHOULD DO
- Review the retirement/savings plans information that appears, update
as necessary, and enter new information as appropriate.
Enter insurance plan information as appropriate.
WHY WASN?T EVERYTHING ENTERED INTO THE DATA BASE?
Entering just the selected data from more than 500,000 UCRS beneficiary
forms, which UC HR/Benefits has maintained over the years, took more
than one year.
Collecting and keying in data from an unknown number of life insurance
beneficiary forms, which have been maintained at each campus,
laboratory, or other location, would have significantly delayed
implementation of the new process.
WHAT HAPPENS TO THE PAPER FORMS?
UC HR/Benefits at the Office of The President has imaged the old UCRS
beneficiary forms, so there is a record; the forms themselves have been
destroyed.
The old insurance beneficiary forms will remain at the locations and will be retained until at least 2006.
All new paper forms will be submitted to UC HR/Benefits (in Oakland ),
where they will be imaged and the information entered into the data
base; data will be viewable online; the forms themselves will be
destroyed.
NO COMPUTER ACCESS?
Employees can use a new form "UBEN 116" to name beneficiaries for both
retirement/savings and life insurance plans. But remember?online
designations ensure a much higher degree of accuracy.
Others (retirees, former employees) must use UBEN 117 for retirement/savings plans.
Paper forms available from UC Customer Service Center or your Department Benefits Representative.
UBEN 114 and UPAY 718 forms are now obsolete for any new designations.
HOW WILL YOU KNOW IF THE INFORMATION YOU HAVE PROVIDED (ONLINE OR ON PAPER) IS ON RECORD?
You will receive confirmation of any information you enter online?by
email, if we have a work address for you or, if not, by written
statement sent to your home address.
If you send in a paper form, UC HR/Benefits will image the form, enter
the information in the data. base, and send you a confirmation?by
email, if we have a work address for you or, if not, by written
statement sent to your home address.
WHAT IF YOU DIE BEFORE UPDATING YOUR BENEFICIARY INFORMATION ONLINE (OR SUBMITTING A NEW FORM)?
Retirement/savings plans
If you previously completed the old designation of beneficiary form
(UBEN 114) for your UCRS benefits, the imaged version of the form can
be retrieved and used to pay UCRS benefits.
If you did not use the online process and never completed either an old
or a new paper form, proceeds will be paid to the first-eligible in the
order of succession (i.e., spouse or domestic partner, child(ren),
parents, siblings, estate).
Insurance plans
If you previously completed a designation of beneficiary form (UPAY
718) for your life and AD&D insurance, the locations will use the
old forms to pay these benefits until 2006.
Beginning in 2006, the old paper forms will no longer be used to pay benefits*.
If you did not enter beneficiary information online or complete a new
form, insurance proceeds will be paid to the first-eligible in the
order of succession (i.e. spouse or domestic partner, child(ren),
parents, siblings, estate).
Faculty covered under HSC insurance plans
UCSF Faculty who are members of a Health Science Compensation (HSC)
plan and covered under HSC insurance plans may contact their
department's academic personnel coordinator for the appropriate form
(maintained locally) to submit desired changes/updates if necessary
(submit form to UCSF/Academic Affairs, Box 0410).
If no valid designation is on file, proceeds will be paid to the
first-eligible in the order of succession (i.e., spouse or domestic
partner, child(ren), parents, siblings, estate).
*
In late 2005 UC HR/Benefits plans to do a direct mailing to those
employees/retirees who haven't updated their beneficiary designations
either online or by submitting a new form. This will occur before any
action is taken to dispose of the old forms.
