Now that tax season is over and we are approaching summer, it is a great time to review your Employee files to ensure you have a current beneficiary form on file for each of your plan participants.

Most employees will complete a designation of beneficiary form when they are eligible for the plan and never think about it again. It doesn't occur to many employees to update the information when they have a significant life change. But marriage, birth of a child or divorce does not automatically change a participant's beneficiary.  If the unfortunate circumstance does occur when a beneficiary must be paid out, it's important to remember that the designation on the form remains in effect, regardless of if it still reflects the wishes of the participant or not.  

Please take the time to check your files and be sure all information is up to date!