U.S.: Understanding Your Benefits: Beneficiaries – Caring for your loved ones after you are gone

Keeping your beneficiary information up-to-date is crucial for ensuring your benefits are distributed according to your wishes. A beneficiary is the person or entity that you legally designate to receive your financial assets when you die.

As a Mauser Packaging Solutions employee, you have assets in the form of company provided basic life insurance and a 401(k)-retirement account that can be dispersed to your beneficiaries. Regularly checking and updating your beneficiary ensures that your assets are distributed according to your wishes and can help your loved ones avoid a complicated and time-consuming legal process after your passing. Take a few minutes today to ensure that the right people are designated to receive your assets should something happen to you.

All employees should review their designated beneficiaries on a regular basis. As life changes, your beneficiary preferences may change as well.

Life Insurance

All non-union employees receive Basic Life Insurance so make sure a beneficiary is designated for this company provided benefit. Additional designations may be needed for optional supplemental benefits based on individual elections.

Log-in to the Alight Benefits Portal or access the Alight Mobile App
- First time users should choose the “New User?” link to set up their account
Navigate to Health & Insurance > Take Action > Manage Beneficiaries
Review current beneficiaries and make additions or changes as neede

Vanguard 401(k)

Employees who elect to participate in Mauser’s 401(k) retirement plan through Vanguard should designate beneficiaries for this asset.

Access your Vanguard Retirement Plan Account
Select “Log In”
- First time users should select the “Register for online access” to set up their account
  - Plan Numbers: Enter plan number per your employee designation
Select “Update My Beneficiaries” (in the “I want to…” section)
Review current beneficiaries and make additions or changes as needed

TAKE ACTION BY JULY 31 TO EARN PERSONIFY POINTS*

1,000 Points each for reviewing, updating or adding your

Vanguard 401(k) beneficiary
Alight Benefits Portal beneficiary

*Beneficiaries must be reviewed, updated or added between July 1 and July 31 to be eligible for Personify points. Points will be added to Personify accounts by September.

Personify rewards employees for taking action to improve personal wellbeing. Personify points are converted into dollars for your Health Savings Account (for HSP/HSA plan members) or Personify Health Cash (for PPO plan members).

Get started at enroll.personifyhealth.com

Review the topics below to learn more about beneficiaries.

Beneficiaries fall into two broad categories: primary beneficiaries and contingent beneficiaries.

Primary beneficiaries are your “first choice” for who or what will inherit your financial assets. When designating primary beneficiaries, you can name more than one and specify the percentage each should receive.
Contingent Beneficiaries, also known as secondary beneficiaries, are your backup plan for asset distribution. These designees inherit your assets only if all primary beneficiaries are deceased, can’t be located or refuse their inheritance.

You can designate different beneficiaries and distribution percentages for different accounts.

Choosing a beneficiary is a personal process — there’s no one-size-fits-all approach. Some things you may want to do before choosing a beneficiary include:

Assess your relationship with loved ones and choose someone you trust to manage the assets you leave behind.
Plan to name both a primary beneficiary and a contingent beneficiary in case unforeseen circumstances arise and the primary beneficiary is unavailable.
Factor in the age and financial readiness of any potential beneficiaries, especially in the case of minors. If you’re designating a minor, consider establishing a trust or specifying a guardian to oversee the assets until they reach a certain age.
Consider consulting with a financial advisor to help ensure your beneficiary designations align with your overall estate planning and financial goals.

By choosing recipients for your assets, you can help secure your beneficiaries’ financial well-being. That’s important because:

Making beneficiary designations can help distribute your assets according to your wishes. Without clear designations, the process of transferring your assets can be complicated and could cause disputes.
Designating a beneficiary can help your heirs avoid probate court— which can be an expensive and time-consuming process — and allow for expedited transfer of your assets.
Choosing a beneficiary provides a simpler way to transfer assets, minimizing the need for extensive paperwork. It also offers greater flexibility for modifying your choices in some estate plans, as you can typically update designations based on your changing life circumstances.
Mauser can provide additional resources and support to your loved ones if there is a designated beneficiary on your company associated assets. These resources can help your loved once identify available assets, connect with the appropriate vendors, and access your assets.