forms

Update Your Beneficiary Form

November 20, 2019 // 0 Comments

By GREGORY N. HEIRES  Protect your loved ones. Keep your DC 37 Health & Security Plan and DC 37 Annuity Fund Plan beneficiary form up-to-date. Outdated information on the form can delay and even deprive your designee(s), spouse or children of much-needed benefits. A recurring example: A DC 37 member fails to update their beneficiary information after a divorce. The member then remarries and passes years later. The first spouse, whose name is still on the outdated form, receives the member’s death and annuity benefits. The death benefit for active employees is $10,000 and for retirees it is $2,000. Children also lose out on benefits if parents neglect to identify them as beneficiaries. So, it’s clearly a good idea to check to see if you need to update your DC 37 Health & Security Plan and DC 37 Annuity Plan beneficiary form. When should you consider changing your [More...]