New Employee
Beneficiary Designations
Many of your Farm Credit benefits allow you to designate a beneficiary.
Defined Contribution/ 401(k)
You can view and update your 401(k) Beneficiary at any time by logging into www.mylife.newyorklife.com. Note, if you are married and designating a beneficiary other than your spouse, you will need get your spouse’s consent. For information contact New York Life at 1-800-294-3575.
Life Insurance and Accidental Death & Dismemberment
Farm Credit Foundations offers the group insurance coverage options through Minnesota Life:
- Basic Term Life and AD&D Insurance
- Optional Basic Term Life and AD&D Insurance
- Optional Dependent Term Life Insurance for your children
- Voluntary AD&D coverage for yourself or your family
- Employee Group Universal Life Coverage with optional Cash Accumulation Fund
- Spouse Group Universal Life Coverage with optional Cash Accumulation Fund
To elect coverage and designate beneficiaries log onto www.LifeBenefits.com.
The following coverages don’t require a beneficiary designation:
Business Travel Accident
Your employer provides you with Business Travel Accident (BTA) insurance. If you would like to designate a beneficiary other than the default complete the BTA Beneficiary Designation Form and return it to your local HR Representative or Benefit Coordinator.
Cash Balance
If you were employed with the Farm Credit System before Jan. 1, 2007, you may be enrolled in a Cash Balance Retirement Plan. To confirm if you have a Cash Balance Retirement plan and to designate a beneficiary contact New York Life at 1-800-294-3575 or online by logging onto New York Life's website at mylife.newyorklife.com.