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Annual IRA Beneficiary Review

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Question: 
Are there any laws or regulations mandating an annual review of beneficiary designations for existing IRAs?
Answer: 

Not at the federal level. Some banks include language on the annual statement that says "Your primary beneficiary is xxxxxxxx and your contingent beneficiary is xxxxxxxxx. It's a good practice intended only to remind the participant that a beneficiary might need to be changed e.g. due to death, divorce or rudeness at the last family gathering.

First published on BankersOnline.com 2/21/05

First published on 02/21/2005

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