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... no benificiary designation in retirement plan, then who will receive the benifits under ERISA? (CALIFORNIA?
My uncle died in California 2 years ago. He has a domestic partner but with no living and deceased children. He had a permanent residency in California. He has no benificiary designation in his retirement plan according to the plan administrator. Who will receive the retirement benifits under ERISA?
3 Answers
- MagnusMossLv 71 decade agoFavorite Answer
Did he have a will? Is it a pension or a 401k?
Without a beneficiary designation, the money in a 401k, IRA or the like will become part of the estate, and pass to the heirs. If there is no will it will be distributed under the state intestacy statute. I believe the money is split between his parents (if still alive) and his domestic partner in the scenario you describe.
http://www.mystatewill.com/states/CA/CAintcalc.htm
Be careful! The tax laws governing inherited retirement accounts are tricky. Whoever gets the money may owe taxes on them. Whoever gets the money should discuss the situation in detail with an accountant and/or lawyer.
- Kathi SLv 61 decade ago
If he had not yet retired then no one. Most pension plans do not go to the family if you die while still working unless they are some type of 401K or employee contribution plan. If it is employer paid no one gets the pension and they money stays in the fund.
- greenwichLv 44 years ago
the respond could be in California probate regulation, which will lay out the rights of succession to the money. that's rather well worth the attempt to touch a probate lawyer for a minimum of a consultation.