You’ll need to elect and update beneficiaries for the following benefits. These are all separate elections. Your beneficiary elections for one benefit won’t carry over to another benefit.
Review your beneficiary designations whenever you experience a significant life event like marriage, divorce or the death of a previously designated beneficiary.
BEFORE YOU RETIRE:
Don’t risk letting your vested pension benefit disappear into thin air. Fill out a Pre-Retirement Beneficiary Designation Form to provide a pension benefit to your beneficiary in case you die before you retire. Just fill it in and mail it back to the address on the form. Your election will be effective on the date the PG&E Pension Center receives your correctly completed form.
You can name your spouse or another primary beneficiary—and as many contingent beneficiaries as you like. If you’re naming someone other than your spouse, you’ll need your spouse’s written, notarized consent. You don’t have to be married to name a beneficiary—it can be any person. However, only one person will be entitled to the benefit.
You can change your 401(k) beneficiary anytime. Log in to your NetBenefits account at 401k.com and go to Profile > Beneficiaries, or call Fidelity at 1-877-743-4015.
Be sure to update your beneficiary designation for postretirement life insurance when you retire. You can update your postretirement life insurance beneficiary by logging in to your Mercer BenefitsCentral account, and going to Menu > My Account > Beneficiaries.
Information about your life insurance benefits can only be disclosed to your named beneficiary—so it’s important that you keep your beneficiary designation up to date throughout your lifetime.
Make sure your beneficiary knows the life insurance benefit is due to him or her. Only your beneficiary can initiate the life insurance payment (except in the case of a minor beneficiary, when a legal guardian may initiate the payment).