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|Annuity Beneficiary Substitution Denial Upheld|
PLANSPONSOR; free registration may be required
Apr. 15, 2010
Excerpt: A plan's review committee did not abuse its discretion when it denied a participant's request to change the beneficiary of his qualified joint and survivor annuity from his ex-wife to his new wife, a court has ruled. U.S. Magistrate Judge Mark D. Clarke of the U.S. District Court for the District of Oregon ruled that the participant's benefits vested for his ex-wife at the time the participant retired and began receiving a payout.
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