Retirement Savings

Who Gets Your Money Upon Your Death?

April 2019 

When you sign up for a retirement account (RIC 457/401a, 401k, IRA, 403b, etc.), pension benefit (IPERS), or a life insurance policy, you designate a beneficiary to receive the money upon your death.

Marriage, divorce, the birth of a child, and the passing of a loved one are just some of the significant life events that may affect your beneficiary information. When such an event occurs, it’s important to update the beneficiary information on all of your accounts. 

To update your beneficiaries, all you need is basic information including: 

  • Full legal name of person or entity.
  • Full address.
  • Telephone number.
  • Social Security or identification number (if it’s for an entity other than a person).
  • Date of birth. 
Type of account Review current beneficiaries Change beneficiaries
Horace Mann 457/401a Log in or call 877-602-1870 Designation of Beneficiary Form
MassMutual 457/401a Call 800-743-5274 Beneficiary Designation Form
VALIC (AIG) 457/401a Log in or call 800-945-6763 Beneficiary Designation Form
Voya 457/401a Log in or call 800-584-6001 Beneficiary Designation Form
Life Insurance 
(Standard Group Life Ins.)
Review and change beneficiaries online in IowaBenefits. For help, contact your Human Resources Associate.
IPERS Log in or call 800-622-3849 Beneficiary Designation Form

 

The bottom line is you work hard to save and do the right thing for yourself and your loved ones. Make sure you take the extra step to designate your beneficiaries and keep them current on all your financial accounts.

Not Yet Saving In RIC?
The Retirement Investors’ Club (RIC) provides State of Iowa employees the opportunity to automatically save toward retirement through payroll deduction. You may contribute as little as $25 per month. The State matches your contributions up to $75 per month which gives you an extra $900 per year toward future income needs. Enrollment options are available here.