Update Your Account Beneficiaries
Designating beneficiaries for your MO Deferred Comp account is an extremely important step in preparing for your future.
While we hope you never have to use your beneficiary designation(s), it is important to complete the process, as it can make a difficult time in your loved one's life a little easier. Having current designations on file can:
- Eliminate Confusion - You can feel confident knowing your hard-earned savings will be divvied up according to your wishes.
- Save Time - If you have not named a beneficiary for your MO Deferred Comp account, you take the risk of having your assets go through probate court upon your death and delaying the transfer to your loved ones.
- Provide Financial Assistance - Death is not only an emotional burden, but it can also be a financial burden. Appointing a beneficiary for your savings can help ease this inconvenience and provide monetary support during this time.
How to Designate Your Beneficiaries
The MO Deferred Comp Plan makes adding and updating your beneficiary information quick and easy and provides several options to do so:
- Log on to Account Access via modeferredcomp.org or the ESS Portal, hover over Access My Accounts in the menu, choose My 457 Plan from the drop down, and then click View Beneficiaries from the left-hand menu to add or update your designations. You will need to repeat the process for your My 401 Plan account, if applicable.
- Call 800-392-0925 to speak with a Participant Service Representative who can update your beneficiary information over the phone. To do this, you must first authenticate your identity using your four-digit PIN. If you have not yet created a PIN, the automated phone system will walk you through how to create your PIN.
- Complete the Designation of Beneficiary Form and either fax the form to 202-682-6439 or mail it to the address on the form.
As your life changes, it is important to regularly review and update your beneficiary information. Life events like marriage, divorce, birth of a child, or passing of a loved one are significant events that may affect your current appointees. Be sure to add a reminder to your calendar or make it a habit to review your beneficiary information each time you reevaluate your healthcare insurance.
Saving money for your retirement is a crucial step in preparing for your future, however designating your beneficiary information is just as important. By reviewing your appointee(s) on a regular basis, you are not only doing the right thing for yourself, but also for your loved ones.
If you have any questions about adjusting your beneficiary designation(s), contact a Participant Service Representative at 800-392-0925. Thank you for your prompt attention to this matter.