IS IT TIME TO UPDATE YOUR BENEFICIARY FORM?
Protect your loved ones. Keep your DC 37 Health & Security Plan and DC 37 Annuity Fund Plan beneficiary form up-to-date.
Outdated information on the form can delay and even deprive your designee(s), spouse or children of much-needed benefits.
For example: A DC 37 member fails to update their beneficiary information after a divorce. The member then remarries and passes years later. The first spouse, whose name is still on the outdated form, receives the member’s death and annuity benefits. The death benefit for active employees is $10,000 and for retirees it is $2,000.
Children may also lose out on benefits if parents have not identified them as beneficiaries.
So, it’s clearly a good idea to update your DC 37 Health & Security Plan and DC 37 Annuity Plan beneficiary form.
When should you consider changing your beneficiary? Whenever there is a significant change in your life, such as:
- the death of a beneficiary
- an address change
- you divorce or remarry yet your former spouse is still identified as your beneficiary, or
- you have a child or children.
To update your beneficiary form, download it from the union’s website and complete the form and follow the instructions carefully. Mail the signed and notarized form to:
DC 37 Heath & Security Plan
55 Water Street, 22nd Floor
New York, NY 10041
Be sure to keep a copy of your form in a safe place and let your beneficiaries know about their designation.
It is also important to inform the DC 37 Health & Security Plan of any address changes. You can notify DC 37 of a change in address by downloading the the “Change in Status” form, filling it out and sending to the DC 37 Health & Security Plan, 55 Water Street, 22nd Floor, 10041. Or simply send us a letter with your new address and phone number.
