Designating a Beneficiary
After all desired records are created within the Beneficiary Name Bank, you may begin to apply the created beneficiary records to the listed benefits. Expand a benefit record and then click on the edit button within the Primary or Contingent tab to begin designating your beneficiaries. Please note that you may only designate beneficiaries for one beneficiary level at a time.
Select any available record from within the Select Beneficiary drop-down box and then click "Add Designation" to proceed with applying the beneficiary to the selected benefit's beneficiary level. You may repeat this step to add as many beneficiaries as desired to the selected beneficiary level.
Enter a percentage amount that is no greater than 100 within the percentage field for the added beneficiaries and then click the save button.
If you would like to change the percentage amount for a beneficiary or remove a beneficiary from a benefit, click on the edit button for the appropriate beneficiary level. To modify the percentage amount for a beneficiary, simply change the value within the beneficiary's percentage field and then click the save button. To remove a beneficiary from the benefit, click on the Remove icon located to the right of the beneficiary's name.
Although you may add as many beneficiaries as you desire, the total percentage for all beneficiaries within any beneficiary level must equal 100%.
An alert will appear if you click next and the required percentage condition is not met.
To add additional levels of contingent beneficiaries, click the "Add Contingent Level" tab located below the existing level(s). To remove a contingent level, click the remove button, designated by the trash can, and a prompt will ask you to confirm the removal. Clicking the remove button will remove all contingent beneficiaries for the corresponding level and promote any remaining contingent levels.
The same requirements for primary beneficiary designation percentages will be applied to contingent beneficiary designations; the total percentages for contingent beneficiaries must equal 100%.
Once you are finished designating all of the primary and contingent beneficiaries for a benefit record, you will need to repeat the designation process for all other benefits listed, including supplemental life policies and/or retirement plans. To access the beneficiary designations for any other policy, click the blue arrow next to the name that corresponds to the desired benefit. For example, to access a supplemental life insurance policy, click the blue arrow next to the label Supp EE Life to expand the benefit record. Once you are finished designating beneficiaries for all of your life insurance coverages, click the "Next" button at the bottom of the page to continue to the Summary of Elections page.
Please note that you will need to click the "Submit" button if you are designating beneficiaries through the Year-Round Beneficiary Designations module.