Thursday, 21 July 2022 13:20

How to update your beneficiary

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The City of Houston (COH) provides employees with a Basic Life Insurance policy of one times your salary at no cost to you. It is your responsibility to ensure you add your beneficiaries to this life insurance policy. You may add your beneficiaries by accessing the Basic Life Insurance Form on the benefits website. Return the document to us at one of the options listed on the top of the form. 

It is equally as important that you ensure that COH has a Final Paycheck Beneficiary Form on file as well. The Final Paycheck Beneficiary Form beneficiary(ies) will receive your last paycheck, unused vacation time and or compensable sick leave (CSL) exceeding 1,040 hours, modified sick plan (MSP) leave hours, Paid Time Off (PTO) pay, personal hours, and/or drag-out/up pay.  NOTE:  In the event you are married, your spouse will be the assumed beneficiary unless you provide a properly executed Final Paycheck Beneficiary Form removing your spouse. 

Ensure your life insurance benefits are paid to the individual of your choice by maintaining accurate beneficiary(ies) on both your life insurance policy(ies) and final paycheck.

Read 188 times Last modified on Thursday, 21 July 2022 16:22