by Guest » Fri Feb 15, 2013 01:44 pm
My sister passed away and named several beneficiaries for her pension plan, husband, siblings, nieces & nephews. The husband is now contesting this- what are our rights? It is a TIAACref aact. She lived in NJ and worked in NY.
Posted: Mon Feb 18, 2013 03:21 am Post Subject:
Depends on the Summary Plan Description for the emploiyer's benefit plan. Normally, a spouse is the de facto beneficiary and if any other person is desired to be named a beneficiary, the spouse must provide written consent to give up a share of his/her benefit.
In all likelihood, the husband is entitled to 100% of the pension plan assets. It makes no difference what insurance company or custodian managed the pension plan, or in what state a person lived or worked. If the employer had more than 20 full time equivalent employee, the plan is covered under ERISA and not state law. ERISA says the Summary Plan Description document is the controlling "law" so to speak.
The answer will be found by reading that document. It is available from the decedent's employer or the pension plan administrator. Get it and read it..
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