The Importance of Reviewing Beneficiaries
Now is the perfect time to remind participants to review their beneficiary information on their retirement plan and make any necessary updates.
Here’s why:
Some participants may believe they are taken care of by having a will or estate plan. However, in the case of 401(k)s, IRAs, and other retirement accounts, law dictates that beneficiary designations on these retirement accounts supersede a will.
Life changes, such as marriage, divorce, and the birth of a child, can necessitate updates to beneficiary designations.
We Are Here to Help
As always, Alliance is here to support you. Please contact your Alliance representative for additional information or assistance in meeting some of these important deadlines, or if you have any questions about beneficiary updating or other issues.