ERISA 403(b)
This post may be slightly out of the purview of this blog but I am hoping someone can add some insight
My question seems straightforward.
My understanding is a participant in an ERISA 403(b) plan must name their spouse 100% primary beneficiary unless…. the spouse agrees to a different beneficiary
I am receiving push back that the participant is ONLY required to name their spouse as 50% primary beneficiary with the remaining amount (50%) to any other individual.
Your help and guidance is appreciated.
Permalink Submitted by Alan - IRA critic on Tue, 2014-06-10 03:57
The plan itself may include the waiver requirement for any % less than 100 for the spouse, even if ERISA itself does not require more than 50%. 403b plans that normally pay out as annuities usually require only 50% beneficiary share for the spouse.