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Beneficiary Audit

| Joan Morales

For years you save and plan for retirement so that you will be able to live a comfortable life in your “golden years”. What’s also important is to plan your legacy by having a Will and/or Trust and by making sure you have designated beneficiary(ies) to whom you want your legacy passed on to.

 

If you experience a Life Event (marriage, retirement, death in the family, etc.) we recommend that you perform a “Beneficiary Audit” on all your accounts. Reviewing and/or updating your beneficiary designations is a significant part of the Estate Planning process. Naming beneficiaries for your life insurance policies, retirement plans, and/or IRAs can save your loved ones from battling in court during a difficult time.

 

Life Events such as divorce, marriage, birth of a child or grandchild, may warrant a change to your beneficiary designations.

 

Below is a list of AA and APA benefits for which you can designate a beneficiary. Now is the time to do a Beneficiary Audit. Your loved ones will be thanking you for it someday!

 

AA Benefits

Life and AD&D (Accidental Death) Insurance: Go to https://newjetnet.aa.com > Team MemberServices > Health and Benefits > Benefits Service Center > Resources> Select a Beneficiary.

AA 401k Plan:  Go to www.netbenefits.com/aa > Profile (topright of page) > Beneficiaries (update beneficiaries under AA Pilots Plan).

PilotDefined Benefit Plan (A Plan)

Contact the Flight Office for current Beneficiary Designations.

The following beneficiary forms are located at: https://aapilots.com.

Click on Personal & Profile > Under Informational Links > Pilot Pension andDisability Information.

The following beneficiary forms are located under Active Pilot Pension Information– Pension Forms.

Pilot Defined Benefit A Plan (Pre-Retirement survivor annuity)

Pilot (Additional) Term Life Insurance ($105,000 LifeInsurance policy for A Plan Participants younger than 50 or older than 50 and married for less than1 year or Single Pilots).

Qualified Pre-Retirement Survivor Annuity/QPSA (A Plan participants younger than50 and married for more than 1 year).

APA Benefits:

The below APA Benefit Beneficiary Designations can be updated by logging in towww2.benefitelect.com/apa.  If this is your first time logging in toBenefitElect, click on Log In Instructions if not click on Login and enter your employee ID and password.

Survivor Benefit Plan (SBP) - $25,000 Death Benefit

Pilot Mutual Aid (PMA) - $5,000 Death Benefit

Group Term Life Insurance

Schwab Retirement-IRA Accounts

To review and/or update the Beneficiary Designations of your Schwab retirement accounts, go to www.Schwab.com.

Click on “Service” on the top Dark Blue bar.

Click on “Account Settings”.

Scroll to the bottom of the page and click on Edit / Delete under “Beneficiaries on this account”.  You may also click on Add a Primary / Contingent Beneficiary(below designations).

When you are done modifying and/or adding Beneficiary Designations, select “Next”.

Make sure the names and share % of your IRA Beneficiaries are correct, then select“Next”.

Select“I Consent” and “Submit”.

Review the Primary and Contingent Beneficiaries and if all information is correct, select “I Agree” and “Submit”.

You should now receive a message under the account number stating: “Your beneficiary information has been updated”.

Additional Benefits:

Annuities, IRAs

Other Life Insurance

Saving, Checking accounts (Transfer/Payable on Death Designations)

Feel free to contact your AFA Financial Planning team with any questions about your Beneficiary Designations.

Connect with Joannie Morales, Manager of Pilot Services at jmorales@afadvisors.com

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