Beneficiary Designation Information

Are you prepared? Do you have a beneficiary designated in Infor?

Naming a beneficiary is one of the easiest – but most important – steps you can take to help ensure your legacy is honored and your loved ones are taken care of. But it’s up to you to keep things in order. Full-time and Flex employees are provided Basic Life, LTD, & Accidental Death & Dismemberment coverage by EAH. FT, Flex, & PT employees can purchase additional term life insurance, and can participate in the retirement plan. Each of these plans require a beneficiary designation.

Why beneficiary designations are important

Beneficiary designations can provide a relatively easy way to transfer an account or insurance benefit upon your death. However, if you’re not careful, missing, outdated, or inconsistent beneficiary designations can easily cause your estate plan to go awry.

We often complete these designations without giving it much thought, but they deserve careful attention. Here’s why: Beneficiary designations take priority over what’s in other estate planning documents, such as a will or trust.

Tips about beneficiary designations

1. Remember to name beneficiaries. If you don’t name a beneficiary when one is called for, one of the following could occur:
   1. The account or policy may have to go through probate. This process often results in unnecessary delays, additional costs, and unfavorable income tax treatment.
   2. The agreement that controls the account or policy may provide for “default” beneficiaries. This could be helpful, but it’s possible the default beneficiaries may not be whom you intended.
2. Name both primary and contingent beneficiaries. It’s a good practice to name a “back up” or contingent beneficiary in case the primary beneficiary dies before you. If there is only one individual that you want to leave the money to, consider whether a charity (or charities) would be appropriate as the contingent beneficiary.
3. Update for life events. Review your beneficiary designations regularly and update them as needed based on major life events, such as births, deaths, marriages, and divorces.

There are a few different ways to add or update your designations.

1. INFOR EE Self Service
2. Submit designation form to HR.
3. To update your retirement designations, contact VOYA at 334-737-5051 or by logging in to your account manager at www.VOYA.com