You Could Win—Elect a Beneficiary by Sept. 30!

If something happened to you today, would your loved ones receive your retirement savings according to your wishes? Maybe not, if you haven’t designated a beneficiary for your Carilion Retirement Savings Plan.

Designating beneficiaries for your financial accounts and insurance policies is one of the most important—yet overlooked—steps you can take when planning for your future. This simple action can ensure that your assets are distributed according to your wishes in the event of your passing, provide peace of mind for you and your loved ones, and help avoid potential legal complications.

We have partnered with Principal to offer a special contest and help you remember this important task. If you’ve missed it in the ePulse this month, there’s still a couple days left to participate. Simply designate a beneficiary or review your existing beneficiary for your Carilion Retirement Savings Plans by Tuesday, Sept. 30, and you will be entered for a chance to win a $25 Amazon gift card. Five lucky winners will be selected. You will need to log on to your Principal account, where our retirement savings plans are held, to elect your beneficiary. See the sidebar for more information. 

What to Know

If you participate in the retirement savings plan… 

• Savings plan beneficiary designations are managed only at Principal.
• For each savings plan in which you participate, you must designate your beneficiary directly with Principal.

If you are married and participate in the retirement savings plan… 

• Your spouse is automatically designated as your beneficiary.
• If you wish to designate anyone other than, or in addition to, your spouse as your beneficiary, you must obtain your spouse’s written consent, which is required each time you change your non-spouse beneficiary.
• To choose a beneficiary who is not your spouse, complete and return the beneficiary designation form available by calling Principal at 800-547-7754 or logging into your Principal account.

If you are not married and participate in the retirement savings plan…

• You may designate any person or persons of your choice as your beneficiary.

If you want to update your beneficiary…

• After your initial payroll deduction, you may designate or update your beneficiary at any time.
• Review and update your beneficiary designation if your marital status or family situation changes, such as in the case of marriage, divorce or the death of a beneficiary.
• Even if the contest is over, it’s still a good idea to update you beneficiary!

As the savings plan is governed by ERISA rules, benefits will be paid to your designated beneficiary or, if none is named, to the default beneficiary as outlined in the plan. Please note that you cannot direct the payment of your savings plan through your will.

The Retirement Savings Plan page on the Benefits, Pay and Well-being hub has more information, including what happens when a beneficiary is not selected.