Tracking employee beneficiaries is essential for benefits compliance and risk mitigation. Beneficiaries designate who receives monetary benefits from retirement plans, life insurance, and similar programs upon an employee's death. Proper beneficiary management protects organizations while helping employees prepare their families for unexpected events. As an HR Business Partner, I am often working with clients to ensure their benefits and 401(k) administration is both in compliance and following HR best practices. One key aspect of benefits and 401(k) administration is tracking your employee beneficiaries. Ensuring that your employees have designated and up-to-date beneficiary information is both a way to mitigate risk for your organization and help your employees be prepared to protect their plans and help their families in the event of an unexpected tragedy. Below are five common questions that I hear from clients and employees about beneficiaries:

For HR professionals, the annual open enrollment period is one of the busiest times in your calendar. With sharp renewal cost increases sweeping the market, thoughtful strategy and communication are more critical than ever. Getting open enrollment right is an essential part of the overall employee experience. Benefits changes are a significant concern for your team, and they need to know they can trust you to address their needs.

Reviewing your employee benefits can be an arduous process. You’ll spend time working with your broker to explore the market, find the best options, and agree on a reasonable employee/employer premium split.

The average tenure for American workers has been on a steady decline for many years. In 2014, the median employee aged over 25 had been in their role for 5.5 years. By 2024, that was down to 4.8 years. As a result, not all employees are thinking about long-service awards.

Health benefits are one of the most sensitive parts of the employer-employee relationship. A great health plan gives people a sense of safety, and often includes their closest loved ones. Whenever there’s a major change, employees’ first thoughts are often, “What will happen to my health benefits?” Health-related benefits are expensive to provide—and they’re only getting more expensive. Leaders often find themselves in a difficult situation, trying to manage costs while also protecting a positive employee experience. A recent report by Aon identified “managing healthcare costs” as the top priority for employers in 2024. It’s easy to see why, as costs are expected to increase by 6.5% this year.

Should you be reading this, chances are your organization has recently gone through the process of Open Enrollment for employee benefits.