4 Palm Springs Ct., Toms River, NJ, USA – 12th February, 2016 –Thebest401k is considered as one of the best full-service 401k plan providers that delivers premier retirement plan services. Today, the company has made one important announcement for the employees contributing to their 401k retirement plan. The company advocates choosing a beneficiary on their retirement accounting order to make a considerable difference in tax consequences for their family.Hopefully, employees should enjoy a long and pleasing retirement using their reward. But the most important concern is how to handle the retirement account after the employee’s death. According the company, selecting a beneficiary as part of the retirement planning process will help the family members or heirs.
Beneficiaries: The primary beneficiaries of an employee are those first in line to inherit the account. If he/she disclaims it, it will go to the person who would have received it. (If the disclaiming beneficiary predeceased the employee). An employee can also name contingent beneficiaries to inherit the account. Spouses are considered as primary beneficiaries and children are considered as contingent beneficiaries.
Rules: Different types of accounts have rules and they vary according to plan. Whether it’s a low cost 401k or a traditional plan or a Roth plan, Federal law considers spouse as the automatic beneficiary.
According to Thebest401k, choosing the beneficiaries for the retirement asset is highly important and employees should consult their financial advisor or attorney for the options and best suggestion.
For more information regarding retirement plans, employees and employers can contact them using the below mentioned address.
Contact:
The Best 401k, Inc.
http://thebest401k.com/
4 Palm Springs Ct.
Toms River, NJ 08753
Phone: 732-581-9920
Email: tkm@thebest401k.com