A recent court decision highlights the importance of up-to-date beneficiary designations for participants in non-qualified retirement plans. Without up-to-date designations, the payment of the benefits of a deceased participant in a non-qualified plan may be contested, which can result in additional expense for the plan sponsor or the participant, and may also result in the benefit not being paid in accordance with the deceased participant’s wishes. In this publication, we summarize steps that plan sponsors can take to mitigate the risks and costs related to beneficiary designations.

View full memo, Non-Qualified Plan Sponsors: Beneficiary Designations May Require Attention