It’s an easy detail to overlook. Participants occasionally overlook the importance of updating their beneficiary form. It is even more important to update their form if their status has changed, such as divorce, marriage, etc. Maintaining updated beneficiary forms annually is crucial in maintaining your defined contribution plan.
Secure Act 2.0 has important updates for Defined Benefit Plans, including increased RBD age and reduced excise tax on missed RMDs. Stay up-to-date with these crucial changes to ensure your retirement plan is compliant.