It’s important to designate beneficiaries to ensure they receive your assets upon your death known as Change of Beneficiaries. Crew members can name or change their beneficiaries for the benefits listed below at any time. Unlike other benefits changes, you do not need to wait for a life event.
Tips for naming or changing your beneficiaries:
Have the following information available for your intended beneficiary when making updates to your plan: name, relationship, date of birth, address, and Social Security number.
Note that Change of Beneficiaries do not carry over between benefits and must be updated separately. For example, if you recently updated your life insurance beneficiaries, you still need to take steps to update the beneficiaries for your Retirement Savings Plan (RSP).
Review and update your beneficiary designations periodically, particularly when you experience a major life event such as a birth, marriage, divorce, or death in the family.
Be sure your allocation percentages add up to 100% for both the primary and secondary (contingent) beneficiaries if you are naming more than one beneficiary.
