Guest A_Dude Posted March 6, 2013 Posted March 6, 2013 Sorry, I'm sure this has been said somewhere else. But, I need a quick answer. A Participant was married and had kids. Got divoriced, and then filed a Beneficiary Designation for his two kids. Then got re-married, and in his will stated that his new wife gets everything. Do we act on the Beneficiary Designation on file, or does that change since that he was re-married? Thanks much!
QDROphile Posted March 6, 2013 Posted March 6, 2013 The plan will say, and not all plans require a year before giving the new spouse rights by default. david rigby 1
Guest A_Dude Posted March 6, 2013 Posted March 6, 2013 We are going to go with the strictest interpretation of the plan. Which states that any waiver of the Spouse's beneift must be in writing with her consent. Since, this beneficiary designation does not bear her consent, it is no longer valid.
david rigby Posted March 6, 2013 Posted March 6, 2013 We are going to go with the strictest interpretation of the plan. Which states that any waiver of the Spouse's beneift must be in writing with her consent. Since, this beneficiary designation does not bear her consent, it is no longer valid. Don't overlook the possibilty that the beneficiary designation is modified, not revoked, due to remarriage. (As you know, the employee's will is not relevant to the Plan.) I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
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