Updating Your Beneficiaries: Why It’s Important
Have you recently updated your beneficiaries? As a MOSERS retiree, it’s important to review and keep your beneficiary information up to date.
You may have beneficiaries for life insurance if you retained life insurance coverage at retirement and/or employee contributions if you are a member of MSEP 2011 or the Judicial Plan 2011. You can change your life insurance and contribution beneficiaries at any time.
You can change survivor beneficiaries for your MOSERS defined benefit pension only under specific circumstances:
- You were married at retirement, elected a joint & survivor benefit payment option, your spouse passes away, and you remarry. See more information about reporting a death.*
- You were married at retirement, elected a joint & survivor benefit payment option, then get divorced after retirement. See the Divorce – Retired Members section of our Life Events page for more details.**
- You were single at retirement, elected the life income annuity benefit payment option, then get married in retirement. See the Marriage – Retired Members section of our Life Events page for more details.*
- You elected one of the life income with guaranteed payments benefit payment options at retirement, and want to change your beneficiary(ies).
*You have one year from your date of marriage to select a joint & survivor benefit payment option for your new spouse.
**You must obtain a divorce decree or amended divorce decree from a court of competent jurisdiction that includes specific language to retain sole possession or to remove your ex-spouse as a survivor beneficiary.
If a life event occurs at any time, such as marriage, divorce, or the loss of a family member, please notify MOSERS and update your beneficiary information.
To do this, log in to myMOSERS. You can designate a person, trust, organization, or estate as a beneficiary. The designation will take effect when MOSERS receives your online submission. Once you submit the requested information, your primary beneficiary designation will be listed on your Annual Benefit Statement and in myMOSERS.
If a minor or an estate is your beneficiary, it may be necessary to appoint a conservator or legal representative before any death benefit can be paid. This could result in legal expenses for the beneficiary and a delay in the payment of the insurance benefit. Keep this in mind when naming your beneficiary.
Please contact a MOSERS benefit counselor if you have any questions about this process.
- Primary Beneficiary - The person(s) or organization(s) who will be recognized first to receive your life insurance proceeds or any remaining employee contributions.
- Contingent Beneficiary - The alternative beneficiary(ies) who will receive your life insurance proceeds or employee contributions if your primary beneficiary(ies) does not survive you.
- Potential Beneficiary - The person(s) you can add as a new life insurance or contribution beneficiary when changing your beneficiary or dependent data.
- Currently Designated Beneficiary - The person(s) who is currently listed as your life insurance or contribution beneficiary. This includes your primary and contingent beneficiary(ies) and dependents.
- Previously Designated Beneficiary - Any person(s) who was previously listed as your life insurance or contribution beneficiary but has been removed as a designated beneficiary.
If you made employee contributions to MOSERS and you do not receive monthly benefit payments that equal or exceed the amount of your contributions plus interest, MOSERS will issue a refund* to your designated contribution beneficiary(ies) for the remaining balance. In other words, MOSERS will pay an amount that is greater than or equal to the amount you contributed plus interest.
*A contribution refund is payable only in situations where a member does not have a benefit payment beneficiary. If a member dies and a benefit payment beneficiary is designated, the remaining contribution balance and interest will transfer to the beneficiary(ies).
- Sarah is an MSEP 2011 retiree.
- Sarah is married to John, and at retirement, she elects a Joint & 100% Survivor benefit with John as her benefit payment option beneficiary.
- Over her career, Sarah has contributed $6,795 and has earned $318 in interest for a total of $7,113. She names John as her primary contribution beneficiary.
- Sarah receives a monthly retirement benefit of $335.
- Sarah dies six months after her retirement, so she has received $335 x 6 = $2,010 in benefits.
- Sarah’s employee contribution balance transfers to John. He names his daughter, Hannah, as his beneficiary.
- John receives survivor benefits for two months, $335 x 2 = $670, then he dies.
- Together, Sarah and John have received a total of $2,010 + $670 = $2,680.
Since the amount of Sarah's contributions plus interest ($7,113) is greater than the amount of payments made to her and John, MOSERS will pay the difference ($7,113 - $2,680 = $4,433) to Hannah, the surviving contribution beneficiary.
If you participate in the MO Deferred Comp savings plan, a defined contribution plan separate from your MOSERS defined benefit pension, you also have beneficiaries for the funds in your MO Deferred Comp account. You can update your beneficiaries with MO Deferred Comp at any time on their website.