As a plan sponsor, it should be obvious that you need to keep all beneficiary forms on file and make sure they\u2019re updated. However, surprisingly, I have found many plan sponsors that are deficient when it comes to this form of recordkeeping.<\/p>\n
As we all know with life, things change and family situations change. So that\u2019s why you should always keep the forms on file and make sure they get updated when circumstances change for the participants or just ask whether there needs to be a change at an enrollment meeting. Life can be a soap opera at times, but not having beneficiary forms on file or updated forms will create a soap opera when it comes time to pay out a deceased participant\u2019s benefit.<\/p>\n
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