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Keeping Designations of Beneficiary Current

Are Your Designations of Beneficiary Current?

When was the last time you checked your designations of beneficiary? Most employees and annuitants don't realize that they have several designations to keep current.

Did you know the order of precedence is different for the Federal Employee’s Group Life Insurance than it is for the Thrift Saving Plan, Unpaid Compensation, Civil Service Retirement System or Federal Employees Retirement System?

If you don't have a designation on file, then the funds will be distributed according to the order of precedence. Worse yet is an out-of-date designation giving the money to someone that you no longer wish to give it to.

Visit the Office of Personnel Management website for information on Order of Precedence and how to change and/or update your designation form(s) beneficiary at: http://www.opm.gov/insure/designations/index.asp.