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Further Learning Site

Choosing Beneficiaries for your VEBA Account

Learn what a beneficiary is and how to add or change beneficiaries on your VEBA account.

We recommend all VEBA holders designate a beneficiary so that in the event of death, the funds in the account are dispersed appropriately.

Please note, due to IRS regulations, not all VEBAs are eligible for beneficiaries. If you are unsure if your VEBA allows beneficiaries, please contact your employer or Further customer service to find out if your plan allows VEBA beneficiaries.

What is a beneficiary?

A beneficiary is a person, group of people, trust, or estate that receives the funds in your account when you die. 

Unused funds upon death

After the death of an account holder, the balance of a VEBA account can be used by the surviving spouse and eligible dependents. 

In cases where there is no surviving spouse or children, the account passes to the beneficiaries named by the account holder.

Types of beneficiaries 

There are two types of beneficiaries:

  • Primary beneficiary - Receives 100% of your account balance upon your death
  • Contingent beneficiary - Receives the account balance if the primary beneficiary has already passed away at the time of your death.  Some plans may not allow for contingent beneficiaries.

A spouse is automatically considered the primary beneficiary for a VEBA.

More than one person can be named as your primary beneficiary and more than one person as your contingent beneficiary. 

When naming more than one person, indicate the specific whole-number percentage of your balance to be paid to each beneficiary. Make sure your primary allocation percentages total 100% and your contingent allocation percentages total 100% as well.

Adding beneficiaries

Adding primary beneficiaries 

  1. Sign into [www.hellofurther.com or partner SSO link]
  2. Click the My Profile menu
  3. Choose See all settings 
  4. Scroll to your VEBA settings
  5. Click Manage next to VEBA Beneficiaries
  6. Click the Add Beneficiary button
  7. Fill out the new beneficiary form and click Save

Adding contingent beneficiaries 

Contingent beneficiaries can't be added on the member portal.

To add a contingent beneficiary to your account, call customer service at 1-800-859-2144.  The beneficiary's name and social security number are required for this process.

How to edit beneficiary information 

  1. Sign into [www.hellofurther.com or partner SSO link]
  2. Click the My Profile menu
  3. Click See All Settings
  4. Scroll to your VEBA Settings
  5. Click Manage next to VEBA Beneficiaries
  6. Click Edit to manage the beneficiaries you already have listed
  7. Update the beneficiary information
  8. Click Save

How to remove beneficiaries 

  1. Sign into [www.hellofurther.com or partner SSO link]
  2. Click the My Profile menu
  3. Click See All Settings
  4. Scroll to your VEBA Settings
  5. Click Manage next to VEBA Beneficiaries
  6. Click Edit to manage the beneficiaries you have listed
  7. Click the Remove button next to the beneficiary you want to remove
  8. On the Remove Beneficiary screen, click Save to remove the beneficiary
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