By GREGORY N. HEIRES
Protect your loved ones. Keep your DC 37 Health & Security Plan and DC 37 Annuity Fund Plan beneficiary form up-to-date.
Outdated information on the form can delay and even deprive your designee(s), spouse or children of much-needed benefits.
A recurring example: A DC 37 member fails to update their beneficiary information after a divorce. The member then remarries and passes years later. The first spouse, whose name is still on the outdated form, receives the member’s death and annuity benefits. The death benefit for active employees is $10,000 and for retirees, it is $2,000.
Children also lose out on benefits if parents neglect to identify them as beneficiaries.
So, it’s clearly a good idea to check to see if you need to update your DC 37 Health & Security Plan and DC 37 Annuity Plan beneficiary form.
When should you consider changing your beneficiary?
Be certain to do it if there’s a significant change in your life, such as
- the death of a beneficiary
- your beneficiary moves from the address listed on the form
- you get divorced and your former spouse is still identified as your beneficiary, or
- you have a child or children.
You may call the H&S Plan’s Unit at 212-815-1234 to request a “Change of Beneficiary” form or for any other benefit-related information. You can also download the form from the union’s website. Get the form notarized. Then, mail the completed form to: DC 37 Heath & Security Plan, 55 Water Street, 22nd Floor, New York, NY 10041.
Be sure to keep a copy of your beneficiary form in a safe place and let your beneficiaries know about their designation.
Address change
It is also important to let the DC 37 Health & Security Plan know of any address changes. You can notify DC 37 of a change in address in one of the following ways: