Updating Beneficiaries: Cover All Your Bases
You may already know that you can update your beneficiary information for your VRS member contribution account and group life insurance online through myVRS. However, if you are a Hybrid Retirement Plan member or participate in another savings plan, such as the Commonwealth of Virginia 457 Deferred Compensation Plan, you also need to name beneficiaries for your defined contribution plans through Account Access at varetire.org/dcp-login.
Keeping your beneficiary information current under each account will ensure your wishes are respected in the event of your death. Check to see if your designations are up to date, especially if you’ve recently experienced major life changes such as marriage, divorce or the loss of a loved one.
If there is no beneficiary designation on file, or if your beneficiary is deceased at the time of your death, VRS is required by law to pay benefits in the following order:
- First, to your spouse.
- Second, if you do not have a spouse, to your children and the descendants of any deceased children.
- Third, if none of the above, to your parents.
- Fourth, if none of the above, to the appointed executor or administrator of your estate.
- Fifth, if none of the above, to your other next of kin.
Questions? Read more.
