Plan Administrators Face Beneficiary Hurdles After IRS Windsor Guidance, Attorneys Say

Présentation


Todd Solomon said that under new Treasury and IRS post-Windsor rules, many employee benefit plan participants might not even know that their spouse − whether opposite-sex or same-sex − is automatically considered to be the rightful beneficiary upon a participant’s death. Mr. Solomon suggested that, as a best practice, plan sponsors should amend their plans now to clarify the definition of spouse and make clear which rights are available, despite the fact that the IRS has provided them with more time to make their amendments.