by afad1965 » Sun Jul 25, 2010 03:17 am
My husband did change his life ins policy to me but had not changed his 401k.. His employer said I was not the benificary so they didnt have to give me any information. Please help
Posted: Sun Jul 25, 2010 06:07 am Post Subject:
Help with what? I think that pretty much sums it up.
Posted: Sun Jul 25, 2010 12:21 pm Post Subject:
I'm terribly sorry for your loss.
Should be a short list, and since he was your husband you should be able to figure out who's on this short list of possible beneficarys. Personally I'd start with his parents/siblings/children and work out from there, if it's important to you to 'know' although no one is legally bound to tell you, or give you this money.
They are right, since you are not the beneficary, they don't have to tell you squat.
Posted: Sun Jul 25, 2010 04:07 pm Post Subject: Husband for a month
I'm getting conflicting stories.. Some say Federal Laws states it has to be the wife on the 401k. He named this person 2 years before we met. I appreciate all the info I'm getting Only we had 3 sons together its not anyone in his family. Is there a legal way to find out. Thanks
Posted: Mon Jul 26, 2010 02:34 am Post Subject:
Is there a legal way to find out. Thanks
They are called attorneys and they love it when people don't do proper estate planning...they make a lot more money that way--and business is a-boomin'.
But...there are a few things in motion here. You are correct in stating that federal law requires that spouses be default beneficiaries on a 401k plan. However, you state that "he named this person two years before we met." Need more details.
Who is this person?
A spouse can be removed from beneficiary and it doesn't require approval of the spouse.
The grey area is, does having a new spouse reset the designation? This is where things are iffy. The quick answer is no, but you could fight.
Posted: Mon Jul 26, 2010 05:07 am Post Subject:
I don't know whom the benificiary is. When we Married he had started the process of changing everything over to me and the boys. His employer wont give me any information at all only to say it was not me. No one in his family can figure who it might be they have requested the same info from the company to no avail. I may have to hire an attorney to find this out. Its not a money thing as in I want I want but I would like to roll it over to an IRA or something for our sons. Thanks for all your info
Posted: Mon Jul 26, 2010 02:18 pm Post Subject:
His employer wont give me any information at all only to say it was not me. No one in his family can figure who it might be they have requested the same info from the company to no avail.
Contact the US Department of Labor's Employee Benefits Security Administration IMMEDIATELY http://www.dol.gov/ebsa/
The company cannot stonewall everyone! Especially a legal spouse. ERISA, which is enforced by the DOL, probably DOES make you the default beneficiary. In order to not be the beneficiary of his 401(k) plan assets, you have to sign away that privilege.
There are local EBSA offices in many major cities around the US, and they work quickly to investigate claims such as yours, usually within a week or two of receiving a complaint or inquiry. Check the link above for the office closest to you. You can call them directly.
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