A beneficiary is a person or trust that you designate to receive certain benefits upon your death. Just as it’s important to have an estate plan to distribute your property and financial assets, it’s also important to designate beneficiaries for your Chevron benefits. You may already have beneficiaries on file, but have you reviewed them recently to be sure they’re still accurate? It’s a good idea to review your beneficiaries at least once a year. However, you should also review and update whenever you:
- Experience a major life event such as a birth, marriage, dissolution of marriage or domestic partnership, or death in the family.
- Update your will or estate plan.
- Rollover a 401(k) or Individual Retirement Account (IRA).
how to designate your beneficiaries
You can designate beneficiaries for each applicable Chevron plan, including basic and supplemental life insurance, accident insurance and retirement and savings benefits. (Note: You cannot designate a trust for your final paycheck and vacation payout. These are the only two benefits that require this.) Update your beneficiaries online or by completing a paper form if you don’t have internet access.
If you are eligible for and choose to open and contribute to a health savings account (HSA), either through BenefitWallet or another financial institution, you will need to contact BenefitWallet or your financial institution directly to designate a beneficiary for your HSA.
The online tool on the Benefits Connection website is the preferred option to make designations:
- Log in to Benefits Connection and choose the Personal Information tab.
- Choose the Beneficiaries link.
- Follow the instructions on the screen.
If you don’t have internet access, call the HR Service Center and ask that a beneficiary designation form be mailed to you.
keep a copy for your records
Once you’ve made your designations, a confirmation statement can be printed (if you make your designations online) or mailed to your address on file. Be sure to keep it for your records and estate planning purposes. Your new beneficiaries will replace any prior designations on file.