It happens all the time, an unmarried plan participant signs up for a retirement plan and designates their parents and\/or siblings as their beneficiaries. They subsequently get married, have children, and never bother to update their beneficiary forms. They die and it becomes a huge mess, whether the plan is covered under ERISA or not.<\/p>\n\n\n\n
So to avoid a mess, make sure that all participants for your plan are advised that it may be a good time to update their beneficiary forms or designate someone as a plan beneficiary if they haven\u2019t done before.<\/p>\n\n\n\n
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<\/span><\/p>","protected":false},"excerpt":{"rendered":" It happens all the time, an unmarried plan participant signs up for a retirement plan and designates their parents and\/or siblings as their beneficiaries. They subsequently get married, have children, and never bother to update their beneficiary forms. They die … Continue reading