Note to Newly Divorced: Update Your Beneficiary
Are you recently divorced? Don't forget to change the name(s) of your beneficiary on your 401K plan, as well as employer-provided life insurance, traditional pensions and profit-sharing plans.
Otherwise guess what. That's right. Unless the plan administrator is notified of beneficiary changes in writing your former spouse will be awarded the benefit at your time of death, even if the former spouse gave up the right to your retirement assets as part of a divorce settlement. It's the law.
Otherwise guess what. That's right. Unless the plan administrator is notified of beneficiary changes in writing your former spouse will be awarded the benefit at your time of death, even if the former spouse gave up the right to your retirement assets as part of a divorce settlement. It's the law.
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