BENEFICIARY DETERMINATION
01.Core Concepts
• Designated Beneficiary • Named by the participant - measurable lifetime can be determined • Named entity (trust, charity, etc.) - no measurable lifetime can be determined so there are limited distribution options • Final beneficiary determination is September 30 of the year following the year of death • Provides time for qualified disclaimers to be filed DISTRIBUTION PERIOD Participant (during life) • Where the beneficiary is no more than 10 years younger than participant • Use the Uniform Lifetime Table • Where a spouse is the only beneficiary and is more than 10 years younger than participant • Use the Joint and Survivor Table Beneficiaries (after death): • Generally, use S i n g l eL i f eT a b l e • SECURE Act creates new rules – death before 2020 / after 2019