All participants need to notify the Fund Office if they get:
- Married,
- Divorced,
- Have a child,
- Adopt a child or take in a foster child,
- If they or another family member have other insurance, or,
- If there has been a death in the family.
The “how to” and “when to” of this Health and Benefit Fund requirement is outlined within the Summary Plan Description Book (SPD). So no need to waste time and space (see what I did there?) going over that here.
Nevertheless, every participant is advised that should the Plan become adversely affected by a participant’s failure to notify the Fund Office of such changes in a timely manner it could result in the participant owing money to the Plan and the Plan proceeding with the cessation of the participants and their dependents eligibility under the Plan.
Consequently, all participants are reminded of:
- The Funds right to recover any overpayment or mistaken payment made to you or to a third party. And that,
- The Fund may, at its sole discretion, recover those monies through legal action or through other actions such as, but not limited to, reducing future benefit payments.
Lastly, and for the love of all things good, if you get divorced, update your beneficiary designations! If you do not make any changes, any prior beneficiary designation naming your former spouse as beneficiary will remain in effect.