Life Insurance, 401 (k) Reminder: Keep Your Beneficiary Info Up to Date!Hotel Voice - August 5, 2015
One of the many benefits enjoyed by Hotel Trades Council members is life insurance. This is an important reminded to members to ensure that their life insurance beneficiary information is kept up to date.
When members employed in hotels join the Union, they are given an insurance card to fill out. On that card members are asked to name their "beneficiary." The beneficiary is the person who will collect the amount of the life insurance policy in the event of the member's death.
The same process occurs when members enroll in the 401 (k) benefit. At the time of enrolment members are asked to designate a beneficiary and provide contact information for him or her. It is equally important to keep that beneficiary information up to date.
We regret to say that there have been more than a few times when members have passed away without their intended beneficiary being listed with the Benefit Funds Office. Some members have passed on without designating a specific beneficiary, leaving loved ones to have to sort things out in probate court. On many other occasions the listed beneficiaries are themselves deceased or have moved and can’t be located.
As mentioned, beneficiaries are usually first named by members when they are initiated into the Union and when they enroll in the 401 (k) plan. But as time passes, members may wish to change the names of their beneficiaries. In those situations, visits to the Benefit Funds’ office are necessary, because the names of beneficiaries cannot be changed by phone or mail, since a signature is required.
The Benefit Funds’ office is located at 305 West 44th Street, fourth floor.