Beneficiary of 401k account
Question-have a situation where an Arizona resident participated in a Florida based plan. When enrolled several years ago was single and designated his brother as beneficiary. Since that time he married but never changed the beneficiary designation. He recently died. Who gets his account balance?
Permalink Submitted by mk foss on Wed, 2014-07-02 18:46
Many qualified plans default to the surviving spouse as beneficiary as long as the participant was married a year. Widow should contact the plan administrator and request distribution information.