About this BlogWelcome to the Snell & Wilmer Benefits Blog. We will be posting about current employee benefits and executive compensation topics and issues. We invite you to contact the authors with your thoughts or questions.
Three best practices for plan administration that often fall by the wayside include: (1) regularly reminding participants to review and update their beneficiary designations; (2) checking recordkeeping practices to avoid loss of beneficiary designation information; and (3) acquiring identifying information for designated beneficiaries. Implementing these three best practices could save plan administrators significant costs and headache.
1. Periodic Beneficiary Designation Reminder
Problems arise when plan participants fail to update their beneficiary designations after a change in circumstances (such as marriage, divorce, childbirth, or adoption). Plan administrators should be cautious when dealing with non-plan documents arising from such events that purport to waive or establish a right to benefits under the plan. Read More ›
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