When it comes to Retirement Plans it can sometimes be confusing who does what and whether the responsibility falls on the Employer/ Plan Sponsor, third party administrator (TPA), recordkeeper or the participant. When it comes to beneficiary designations most plan documents designate the Plan Sponsor to hold these forms. But it is not enough to just hold the forms, they need to be kept up to date as participants’ situations change. Participants get married, divorced, have kids, get re-married or perhaps just want to change their beneficiary.
If the beneficiary designations are missing or out of date, disputes can arise leaving plan funds in litigation. Here is an article at Ferenczy Benefits Law Center with some ideas for how to keep proper beneficiary information on hand.