As a DERP member, you are entitled to a lifetime of benefits when you retire. But did you know that your spouse, children, or other loved ones may also be eligible for survivor benefits if you pass away while employed or after you retire? Even if you’re not vested.
Since your DERP Pension Benefit provides benefits to your survivors, it’s important to designate a beneficiary. If you don’t name a beneficiary and pass away, we can’t provide benefits to your survivors.
As an active employee, you can designate a primary beneficiary and contingent beneficiary.
• Your primary beneficiary receives a survivor benefit upon your passing.
• Your contingent beneficiary receives a survivor benefit in the event you and your primary beneficiary pass away at the same time.
Who Can You Pick as Your Primary Beneficiary?
• If you’re married, your primary beneficiary must be your spouse.
• If you’re not married, but have children under the age of 21, you must name all your children under age 21 as primary beneficiaries.
• If you’re not married and don’t have children under age 21, your may name any one individual to be your primary beneficiary.
• You may not list an estate, trust, or charity as either your primary or contingent beneficiary.
To update your beneficiaries, you’ll need this information for each person you designate.
• Full name
• Social Security Number
• Gender
• Date of birth
• Address
Follow these steps to update your beneficiary information.
1. Log in to your MyDERP.org account.
2. Click the Beneficiary link.
3. Click the Edit link next to the beneficiary you want to update or click the Create New Beneficiary button to add someone new.
4. Enter your beneficiary information and click the Submit Beneficiary to DERP button.
Important! Beneficiary designations in Workday don’t carry over to DERP. You must designate DERP beneficiaries in your MyDERP.org account.