Important reminder: Complete, review, and update your beneficiary designations
These benefits require designations:
Life Insurance: Employees may designate primary and contingent beneficiaries in Workday for Basic and Voluntary life insurance.
Health Savings Account (HSA): Employees may designate primary and contingent beneficiaries via their Optum account.
Retirement Accounts: Employees may designate primary and contingent beneficiaries via their Empower account.
ESOP (Coming Soon!): Employees will designate primary and contingent beneficiaries in Workday. Stay tuned for more information!
Keep in mind:
If you do not designate a primary beneficiary, the payment may pass to your estate, where it could be subject to taxes and fees, or your state law may determine who receives the benefit.
Be sure to list a secondary beneficiary in the event your primary beneficiary precedes you in death.
If you have more than one beneficiary, be sure to specify the percentage of proceeds each one should receive.
Make sure contact information for your beneficiaries is up to date. In general, it is best practice to review your beneficiaries annually as well as each time you have a qualifying life event, such as marriage or birth/adoption.
