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Beneficiary Designations: Avoiding Costly Issues [2019]
Presentor: David Schultz Recorded Date: 11/7/2019 Duration: 60 Min.

This program was recorded during a live presentation given on November 7, 2019.

It seems like it should be so easy and straight forward: the participant completes a beneficiary designation, and should the need arise, you transfer the participant’s balance to the designated beneficiary. But this is an area fraught with risks: from intra-family disputes to slayer statutes and beyond, this session will address best practices to minimize problems for plan fiduciaries and service providers.

Topics include:
  • Application of state law
  • Spousal consent requirements
  • Determination of beneficiary
  • General vs. specific consent
  • Effect of joint and survivor rules
  • Spousal survivor rights
  • Doctrine of substantial compliance
  • Impact of slayer statutes
  • Retention of beneficiary designations and best practices
  • What to do when there are conflicting beneficiaries
  • Impact of QDROs
  • How to handle a beneficiary’s death before distribution

There are no prerequisites or other advanced preparation for this program. Attendees should have a general familiarity with the operation of retirement plans, and a minimum of two years of experience.

Level: Intermediate
Instructional Delivery Method
Group – Internet-Based

NASBA Field of Study: Taxes

Speaker: David Schultz, J.D.

Objectives: After attending this Web seminar, attendees should be able to:

  • Explain the impact of QJSA provisions on the participant’s beneficiary designation
  • Determine whether a plan should apply a receipt or acceptance standard for designations
  • Properly administer the distribution of assets after the death of a participant
  • Explain the best practices plan administrators should follow with regard to beneficiary designations
  • Identify those situation when plan rules take priority over participant beneficiary designations

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