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Volume 6, Issue 1 .................... February 2005 Beneficiary Forms A beneficiary form is an extremely powerful document. Its contents can override any wishes the participant may express in a will. Therefore, Administrative Retirement Services, Inc. (ARS) recommends that all participants complete a beneficiary form when they join the plan and that copies are maintained by the participant and the plan sponsor. The participants should store the beneficiary form with other important documents. The plan sponsor should store their copy of the beneficiary form in the personal file.
Generally, the spouse of a married participant is
automatically the primary beneficiary of the plan benefits. If the participant
wants to name a primary beneficiary other than the spouse, the spouse must
consent to this change on a beneficiary form. ARS recommends that all plan
sponsors annually remind participants to complete a new beneficiary form for any
changes. Forms filled out years ago can dictate who might receive the
participant’s benefits. A marriage or divorce or other change in family status
does not automatically change a beneficiary form previously submitted, nor does
it prevent the named beneficiary from receiving benefits. Beneficiary forms can
be obtained from the plan’s investment company or from Administrative Retirement
Services, Inc.
© Administrative Retirement Services, Inc. 2005 Published by Administrative Retirement Services, Inc., Copyright 2005 by Administrative Retirement Services, Inc. Reproduction in whole or in part is prohibited except by written permission. All rights are reserved. Information has been obtained by Administrative Retirement Services, Inc. from sources believed to be reliable. However, because of the possibility of human or mechanical error by our sources, Administrative Retirement Services, Inc. or others, Administrative Retirement Services, Inc. does not guarantee the accuracy, adequacy, or completeness of any information and is not responsible for any errors or omissions or the result obtained from the use of such information. Readers should seek specific advice before acting with regard to the subjects mentioned here. |