HR Update

Some of your University benefits are included as part of your estate. That means the money from your HSA, life insurance policy, or retirement accounts can be passed on to the people or causes you care about, known as a “beneficiary.” Instructions for naming a beneficiary for each account are below.

Why Update Beneficiaries?

If you do not name a beneficiary, your assets will be distributed to “default” beneficiaries as outlined in the governing plan documents for each benefit. Even if the default beneficiary order works for you, it’s still recommended that you name your beneficiary and include contact information to make the distribution happen more quickly. Relying on the default order takes longer to process at a very difficult time for your loved ones.

Other things to keep in mind, include:

• Information you will likely need includes your beneficiary’s name, birthdate, Social Security number (or tax ID), and contact information (email, mailing address, and phone number), although specific requirements differ for each account provider.
• Update for major life events, such as a birth, death, marriage, divorce, or if you have a financial windfall.
• Your beneficiaries supersede–or take the place of–whoever you name in your will. That means that even if you have a will in place, you should review your beneficiary information regularly to make sure it’s the right person or cause.
• Name both primary and contingent beneficiaries. It’s a good practice to name a contingent beneficiary (sometimes called a backup or secondary beneficiary) in case the primary beneficiary has passed away, declines, or isn’t legally permitted to accept it.
• Some accounts may require spousal consent before adding or changing the beneficiary to be someone other than your spouse. This depends on the benefit plan documents for your account and the state you live in.

How to Update Your Beneficiaries

Health Savings Account (HSA)

1. Log in to your account and click “Settings” on the left menu.
2. Click “Edit Profile” under My Profile on the Settings page.
3. Click “Add Beneficiary.”
4. Fill in the fields and click “Submit.”

Life Insurance

If it’s your first time logging in, visit LifeBenefits:

• Your user ID is the letters “UM” followed by your seven-digit employee ID number
• Your initial password is your eight-digit date of birth, followed by the last four digits of your Social Security number. If you experience problems, call Securian at 866-293-6047.
• After your first log in, you’ll be prompted to change your password.

Once logged in, you can confirm or update your beneficiary at any time in the “Beneficiary details” section of your profile.

Retirement Accounts

Faculty Retirement Plan (FRP), Optional Retirement Plan (ORP), and 457 Deferred Compensation Plan

Fidelity Investments

• Log in to NetBenefits.com.
• Click “Profile & Settings” in the upper right.
• Scroll down to the Beneficiaries section.
• Follow the on-screen instructions.

Other Providers

For contact information for previous retirement plan providers, see the Benefit Vendor Contact page (under “Voluntary Retirement Savings Plans”). 

Pension Plans

Minnesota State Retirement System (MSRS)

Complete a Beneficiary Designation form (pdf) to name your beneficiaries. It becomes effective when a properly completed form is received by MSRS and replaces any prior beneficiary forms that you filed.

Other Pension Plans

Employees in a handful of classifications contribute to other pension plans. Reach out to the administrator of your plan or your union representative to inquire about the process.