ERISA can cover both defined-benefit plans (i.e., traditional pensions paid out on a monthly basis for the lives of retirees who meet certain criteria) and defined-contribution plans (e.g., 401(k . Get Started A Variety of Plan Types to Suit Your Needs Profit Sharing Plans A great option for going beyond The information on this website is for general information purposes only. If the participant is married, federal law requires that her spouse be named as the designated beneficiary of the qualified retirement plan. Step 2: Click on the download tab. Completely different set of rules. The actual intent of a plan participant is often disregarded if it has not been expressed in strict compliance with plan terms. Six months after marrying Darlene Boulet, Jimmy submitted an unsigned beneficiary designation form naming Darlene as beneficiary of his retirement plans, BNA reports. The addition of the 10-year limit under the SECURE Act curtailed what was known as the stretch IRA, which allowed beneficiaries to stretch their withdrawals over many years, sometimes well past the expected lifespan of the employee whose money they inherited. How old the deceased person was. To ensure compliance with ERISA, plans must ensure they follow annual checklists involving plan updates and statements in the appropriate quarter. [CDATA[/* >