James A. Springer

 Certified Public Accountant  


14 Commerce Drive

Wyomissing, PA  19610-3347 

 

Phone: 610-678-5050

Fax: 610-678-5230


ph: (610) 678-5050
fax: (610) 678-5230

jim@jamesspringercpa.com

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401(k) Plans/Individual Retirement Plans

401(k)/ Individual Retirement Plans                      

updated 9/15/2011

As we and our family members get older, it is extremely important that we update beneficiary designations on retirement plans.  The rules for 401(k)s differ from IRA plans.  When one spouse dies, it is common for the living spouse to change beneficiary designations to the children.  However, if the spouse remarries in later years and then dies his new spouse may inherit the 401(k) assets, even though the intent was to leave the assets to the children.  This differs from IRA rules in which beneficiary designations would take precedent. 

If you are a participant in a 401(k) plan with your employer, or have individual retirement accounts, it is important that you consult with plan’s advisors.  This will prevent unforeseen problems. 

Copyright 2009 James A. Springer, PC . All rights reserved.

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ph: (610) 678-5050
fax: (610) 678-5230

jim@jamesspringercpa.com