QJSA - Spousal Consent

[Guest TroyRiley]

Do the QJSA rules and spousal consent requirement apply to 457 deferred compensation plans? Can a participant name anyone as his or her beneficiary? Thanks.

[RTK]

If you are thinking of qjsa and spousal consent requirements that apply to 401(a)tax qualified plans, there are no similar requirements for 457 plans.

ERISA has the same qjsa and spousal consent requirements for pension plans covered by ERISA. However, governmental plans, including 457 plans, are not covered by ERISA. If tax exempt organization, 457 plan coverage usually limited to select group of management or highly compensated employees in order to be exempt from most of ERISA requirements, including QJSA. (Otherwise, ERISA would require ERISA trust for 457 plan and result in an ineligible 457 plan.)