Best Practices on Handling Beneficiary Designations

ASPPA [American Society of Pension Professionals & Actuaries]

Most plans have had to deal with situations where a participant has died with benefits in a qualified plan. In most cases, benefits are paid to beneficiaries without problems. But, in some cases, the improper handling of death distributions can result in plan liability and costly litigation. In this session we will identify deficient or vague designations, how courts have handled some of these, and then conclude with best practices on preventing problems with designations. 

Learning Objectives:

1. Recognize the key elements of beneficiary designations
2. Be able to explain to employers their responsibilities in handling designations
3. Be able to identify deficient or vague designations

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