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Update Your Beneficiaries in Workday

October 16, 2019

Have you experienced a life event such as a marriage, divorce, or birth of a child? If so, it’s time for you to update your Penn life insurance and retirement plan beneficiary designations. With the new Workday@Penn portal, the benefits enrollment process has been simplified. Enrollment activities, like updating your insurance beneficiary, are easy and it only takes a few minutes.

By properly designating beneficiaries, you gain the peace of mind knowing your loved ones will receive the money you want them to have. If you don’t, the money you intend to leave could instead go to your estate and be distributed as part of probate proceedings.

Though not needed to update your life insurance beneficiary, qualifying life events may prompt you to do so. These include the birth or adoption of a child, domestic partnership or marriage, divorce or separation, death of a dependent, and a change in your dependent’s eligibility for benefits. The IRS limits the types of changes you can make for such events. For more information about qualifying events, check out Penn’s Guide to Managing Life Events.

If you have not selected a life insurance beneficiary or need to update an existing designation, log in to Workday and follow these steps:

  1. Select the Benefits application on the Workday homepage.
  2. In the Change column, select Benefits.
  3. In the Benefit Event Type field select Beneficiary Change from the drop-down list. (Note: Selecting Benefit Event Type → Beneficiary Change does not require you to change coverage.)
  4. In the Benefit Event Date field enter the date that the benefit event change happened.
  5. On the next page review, add, or remove beneficiaries. You can also update designations for existing beneficiaries. (Note: Once you add a beneficiary, you must designate him/her as a primary or secondary.)

To update your retirement plan beneficiary, log in to Retirement@Work to see your plan summary with direct links to TIAA or Vanguard, Penn’s investment providers. Remember that for your retirement plan accounts you must make beneficiary designations for each of the three plans – Basic, Matching, and Supplemental. Also, designations for your retirement plans and life insurance do not apply to each other.

If you have questions about updating your life insurance beneficiary designations in Workday or need assistance, you can also call the Penn Benefits Solution Center at Health Advocate at 866-799-2239, Monday-Friday, 8 am-10 pm. ET.

For more details about updating beneficiaries for your retirement plans, visit the Designating Your Beneficiaries web page.