erisa retirement plan mother as beneficiary

.dol-alert-status-error .alert-status-container {display:inline;font-size:1.4em;color:#e31c3d;} Qualified retirement plans are governed by federal law, and ERISA requires the plan administrator to pay the proceeds to the beneficiary named by the plan participant and to disregard state law. Your age and whether your spouse was older or younger than 72 might affect which option is best. If your ERISA beneficiary designation is challenged by a competing claimant you should immediately seek legal advice. If you wish to name someone else as your primary beneficiary, your spouse will need to give written consent on a beneficiary form. A beneficiary is generally any person or entity the account owner chooses to receive the benefits of a retirement account or an IRA after they die. Beneficiaries. Otherwise, its not just a problem for the spouse who is getting a divorce you could actually disqualify the entire plan. While it may seem simple to use the first name that comes to minda spouse, a child, or a siblingon the beneficiary designation form, you should know the consequences first. If you don't it will be counted . Since ERISA preempts conflicting state laws, community property laws will not affect the designation on an ERISA life insurance policy. This type of trust is often referred to as a "special-needs trust." [CDATA[/* >