• Primary Beneficiary: The person or entity who has the first claim to inherit your assets after you pass away.
• Contingent Beneficiary: You can also designate “contingent” beneficiaries for your accounts if your “primary” beneficiary has passed away. They are second in line to inherit your assets.

• Naming beneficiaries ensures your money will go where you want.
  • By having a current beneficiary on all your accounts, you leave no doubt as to what you wish to be done with your assets or insurance proceeds.​
• It saves time and money.
  • If you pass away and have not named a beneficiary, this will delay the transfer of whatever funds are in those accounts. In some instances, the delay could be significant and require that the person in charge of your affairs or estate complete additional paperwork to make it happen. If there are final expenses to be taken care of, the impact could be significant.
• It helps ensure the financial wellness of your loved ones. 
  • This is particularly important when it comes to life insurance, where the main purpose is to provide money for a particular purpose, such as to help cover funeral expenses or to replace income.

Explanatory Videos

TIAA: Why naming your beneficiaries is so important   Fidelity: Name Your Beneficiary

• Name
• Date of Birth
• Relationship
• Address

• Whenever you open a financial account or buy life insurance.
• Life changes, it’s just as important to review — and maybe update — the beneficiaries on all your accounts. Events such as marriage, divorce, a new child and death of a loved one can affect your financial plans and your beneficiary information.

Add/Update Beneficiaries in Workday: Job Aid

Make sure to add beneficiaries to Basic Life, Basic AD&D and Voluntary Life (if enrolled).

• Steps to Update a Beneficiary with TIAA
• Update Your TIAA Beneficiaries

• Steps to Update a Beneficiary with Fidelity
• Update Your Fidelity Beneficiaries

For unmarried participants:

• Step 1: Complete beneficiary form.
• Step 2: Upload form to worker documents in Workday: Job Aid
  • Select "Benefits" for the document category and enter "EPP Beneficiary Form" in the comment field.