Erisa Retirement Plan Who Can Be Beneficiary In North Carolina
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FAQ
The Spouse Is the Automatic Beneficiary for Married People A federal law, the Employee Retirement Income Security Act (ERISA), governs most pensions and retirement accounts.
Generally, an ERISA plan participant can select just about anyone to be their beneficiary. Typically, a plan participant selects their spouse, children, or other family members.
Whom can I name as beneficiary? You have five basic options: your spouse if married; your children, grandchildren or other individuals; a trust; a charity; or some combination of the above. Most married people name their spouse as beneficiary.
A beneficiary is generally any person or entity the account owner chooses to receive the benefits of a retirement account or an IRA after they die. The owner must designate the beneficiary under procedures established by the plan.
In general, ERISA does not cover plans established or maintained by governmental entities, churches for their employees, or plans which are maintained solely to comply with applicable workers compensation, unemployment or disability laws.
The Primary Beneficiaries are owners of shares in the Company; spouse or descendants of the Primary Beneficiaries are owners of the shares in the Company; Primary Beneficiaries or their descendants are Beneficiaries of a Trust that owns shares in the Company.
An eligible designated beneficiary (EDB) must be an individual, and not a nonperson entity such as a trust, an estate, or a charity (which would be not designated beneficiaries).
Generally, an ERISA plan participant can select just about anyone to be their beneficiary. Typically, a plan participant selects their spouse, children, or other family members.
