Beneficiary designations are updated by participants through the Sentinel website. During the Online Enrollment Steps, a participant will be prompted and required to elect their beneficiary. In addition, a participant may change their election online using the Beneficiaries option from their Account Profile menu.
Sentinel will display the participant’s beneficiary election online and on their statement. However, we will always confirm beneficiary information with you prior to paying out any death benefit distributions. Also, it is your responsibility as Plan Sponsor to track spousal consent when a married participant elects a primary beneficiary that is not their spouse.
We have developed reporting tools to help you with this tracking. Here’s how it works:
- A participant designates or updates beneficiaries online and the website is updated.
- A confirmation is emailed to the participant at the end of the day.
- If required, the confirmation includes a spousal consent section which the participant completes and returns to you for your employee files.
- A weekly report is emailed to you summarizing all beneficiaries elections made that week. The report indicates whether spousal consent was required so you can follow up with the participant if needed.
- A monthly Spousal Consent Worksheet is emailed to you which summarizes beneficiary designations made during the prior month that required spousal consent.