Beneficiary Designation

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DWC |

Beneficiary Designations: Family Feuding About Benefits

Thousands of plan sponsors surveyed … the top two answers are on the board. Name two sensitive subjects you would prefer to avoid getting stuck in the middle of with your employees. Ready, go!
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DWC |

Do We Need to Continue Paying RMDs for a Deceased Participant?

Facts The CEO (and 5% owner) of our company passed away earlier this year at the age of 73. He started taking his required minimum distributions right on time after reaching age 70 ½. At the time of ...
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DWC |

Spouse or Not a Spouse? That is the Question...of the Week

Facts Our company has sponsored a 401(k) plan for a while and although it’s not new to us that certain situations - from beneficiary designations to annual nondiscrimination testing - might require ...
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DWC |

Can a Charitable Organization be Named as a Plan Beneficiary?

Facts Our company sponsors both a 401(k) plan and a cash balance plan. One of our employees is a strong supporter of a local charity. She does not have a spouse or children, so she would like to name ...
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DWC |

No Beneficiary Form: Now What?

Facts A participant in our 401(k) plan recently passed away. His daughter is the executor of his estate and has asked about the process for getting his plan account paid out. We’ve gone through all ...
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DWC |

Is it Possible for a 401(k) Beneficiary to Waive Benefits?

Facts One of our employees who was a participant in our 401(k) plan recently passed away. He never submitted a beneficiary designation form; however, since he was married, we understand that his ...
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DWC |

When Must Participants Get Their Spouses To Sign-off On Changing 401(k) Elections?

Facts One of our employees recently asked about changing his primary beneficiary on his 401(k) account. The beneficiary form says the participant must obtain the consent of his spouse in order to ...
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DWC |

Is There a Specific Format or Required Content for a Beneficiary Designation Form?

Facts A participant in our retirement plan just passed away. When we were reviewing our files, we were glad to see that he had completed a beneficiary designation form. On closer review, however, we ...
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