Beneficiary designations could be truly problematic with ERISA 403(b) plans when there are multiple service providers involved. Here is why, and what advisers need to do about it.
I recently spent a whole day in Salt Lake City discussing operational nuances and considerations with ERISA 403(b) plans that have more than one service provider. This is also the case with a large number of 403(b) plans, even those with a single current provider, due to service provider contracts that require individual releases to transfer. Some always remain with a former provider.
