Important Plan Rules Based On Spousal Rights
- If you do not designate a beneficiary, your vested interests in the University of Pittsburgh 401(a) and 403(b) Retirement Plans could go to an unintended survivor.
(The beneficiary designation covers the disposition of the vested portion of your account balances payable as a survivor benefit, regardless of whether or not a you have started to make withdrawal distributions. If upon retirement, or at a later time, an account balance is converted to an annuity income option, there is a separate requirement at that time to restate or designate a beneficiary.)
- If you have designated a beneficiary, it is important to check periodically to make sure your beneficiary designations are current. Personal life event changes you experience typically require a review and update to your designated beneficiaries. Personal life events include (but are not limited to) marriage, divorce, death, or birth of a child.
- You may make a beneficiary designation at any time. However, the goal of the cooperative initiative at this time is to encourage you to immediately begin a review and establish your own on-going personal schedule for periodic review.
- Beneficiary designations are made directly with TIAA. TIAA make available information and resources for you to verify your existing beneficiary designation. The resources include your quarterly investment statements, secure access to websites and online systems, and telephone counseling service centers.