Pick Your Person—Give the Gift of Peace of Mind

If something happened to you today, would your loved ones receive your life insurance or retirement savings according to your wishes? Maybe not, if you haven’t selected a beneficiary for your Carilion Life Insurance and Retirement Savings Plan.

Choosing 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 ensures that your benefits are paid according to your wishes in the event of your passing, provides peace of mind for you and your loved ones, and helps to avoid potential legal complications. 

We’re reminding everyone to take this important step and sent you a reminder postcard at your home address.

Here’s what you need to know about choosing a beneficiary.    

Savings Plans  

If you participate in the retirement savings plan… 

• Review and select your savings plan beneficiary with Principal.
• Beneficiary designations are managed only at Principal.  
• If you have more than 1 savings plan, you will need to select a beneficiary for each plan directly with Principal.   

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

• Your spouse is automatically listed as your beneficiary.
• If you want to name someone other than your spouse, or add someone else, your spouse must give written permission each time you make that change.
• To name someone other than your spouse, fill out and return the beneficiary form. You can get the form by calling Principal at 800-547-7754 or by signing in to your Principal account. 

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

• You can choose anyone you want as your beneficiary. 

If you want to update your beneficiary…

• Once your first payroll deduction is made, you can name or update your beneficiary at any time.
• Check and update your beneficiary if your marital status or family situation changes, such as after a marriage, divorce, or the death of a beneficiary.

As the savings plan is governed by ERISA rules, benefits will be paid to your selected 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.

Life Insurance  

• In the event of your death, the proceeds will be paid to your beneficiary (or beneficiaries).
• If you have not selected a beneficiary, insurance benefits will be paid to the first surviving class of the classes below.
  •  Your spouse
  •  Your children
  •  Your parents
  •  Your brothers and sisters
  •  Your estate
• In the event of the death of a spouse or child, you are the beneficiary of their Dependent Life coverage.

• Review, edit, or add your Basic Life insurance beneficiary in Workday. (Benefits>My Beneficiaries).  

• If you carry supplemental life insurance, you will also need to select a beneficiary for these plans in Workday.   

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