Comments on: Naming Beneficiaries on Retirement Plans http://www.myretirementblog.com/naming-beneficiaries-on-retirement-plans.html Retire happy, healthy and wise. Sat, 22 Nov 2008 10:33:00 +0000 http://wordpress.org/?v=2.6.3 By: Judy http://www.myretirementblog.com/naming-beneficiaries-on-retirement-plans.html#comment-65028 Judy Sun, 13 Jul 2008 04:25:55 +0000 http://www.myretirementblog.com/?p=337#comment-65028 I have been reading a lot about 401k retirements benefits and I am amazed that regardless of the circumstances you have to get your spouse's permission to designate a beneficiary other than a spouse. Suppose for example that I decided to remarry but wanted to leave my 401k to my daughter from my fist marriage. All the money that I have worked hard to save for the last 20 years I will have to get permission from my new husband to leave to my Child. If after the marriage he refuses then I either get a divorce or he gets all my life savings in the event of my death and my daughter gets nothing. Why are more people not aghast about this law, about that fact that what for most people is their sole means of saving the money they have worked so had for the government dictates who this money has to be left to. This law is so wrong. Please help me understand the reasoning behind this law. I could tell you one thing I will not be getting remarried. If an employee has a 401k beneficiary before marriage, then gets married is the 401k plan administrator obligated to inform the employee that he/she needs spousal consent to designate a non spousal beneficiary? I have been reading a lot about 401k retirements benefits and I am amazed that regardless of the circumstances you have to get your spouse’s permission to designate a beneficiary other than a spouse.
Suppose for example that I decided to remarry but wanted to leave my 401k to my daughter from my fist marriage. All the money that I have worked hard to save for the last 20 years I will have to get permission from my new husband to leave to my Child. If after the marriage he refuses then I either get a divorce or he gets all my life savings in the event of my death and my daughter gets nothing. Why are more people not aghast about this law, about that fact that what for most people is their sole means of saving the money they have worked so had for the government dictates who this money has to be left to. This law is so wrong.

Please help me understand the reasoning behind this law. I could tell you one thing I will not be getting remarried.

If an employee has a 401k beneficiary before marriage, then gets married is the 401k plan administrator obligated to inform the employee that he/she needs spousal consent to designate a non spousal beneficiary?

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]]> By: The 156th Carnival of Personal Finance: Songs of Summer | Prime Time Money http://www.myretirementblog.com/naming-beneficiaries-on-retirement-plans.html#comment-64934 The 156th Carnival of Personal Finance: Songs of Summer | Prime Time Money Mon, 09 Jun 2008 12:02:23 +0000 http://www.myretirementblog.com/?p=337#comment-64934 [...] retirehappy from My Retirement Blog presents Naming Beneficiaries on Retirement Plans. [...] [...] retirehappy from My Retirement Blog presents Naming Beneficiaries on Retirement Plans. [...]

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