Best Practices on Handling Beneficiary Designations

National Association of Plan Advisors [NAPA]

Most plans have had to deal situations where a plan participant has died prior to receiving all plan benefits. In most cases, benefits are paid to the deceased participant’s beneficiaries without problems. But, in some cases, the determination of who the proper beneficiary can be complex.

A plan can be subject to litigation and liability if benefits are not paid to the proper beneficiary. 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.

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