BFG in the News: Victoria answers a reader’s question about reclaiming a spouse’s pension benefits

Victoria Cannillo, a Financial Analyst at Baron Financial Group, is quoted on this topic, answering a reader’s question on NJMoneyHelp.com by Karin Price Mueller, “My husband left his assets to our daughter. What can I do?”, originally published in January 2024.  

A 30-second read by Victoria Cannillo:  Having a beneficiary for a pension plan is very important, since if no beneficiary is named when you die, it will most likely go into your estate and be subject to probate.  The pension system is obligated to fulfill your husband’s wishes and pay death benefits to the last-named beneficiary. In this case he specifically designated your daughter.

We recommend contacting the New Jersey Division of Pensions & Benefits system to bring up your concern. You can consider asking them if a “Court Order” could change the ruling.

Here is the contact information for the NJDPB:

• Write to: 
  New Jersey Division of Pensions & Benefits
  P.O. Box 295
  Trenton, NJ 08625-0295

• Email: pensions.nj@treas.nj.gov
• Call the NJDPB Office of Client Services at: (609) 292-7524

You can also think about contacting an attorney who specializes in pensions for further assistance.

Read Karin Price Mueller’s article here.

If you have any further questions, please reach out to your Baron Team.

Disclosure:  This is a general communication being provided for informational purposes only. This material is not intended to be relied upon as a forecast, research, tax or investment advice. Please consult your financial planning and tax professional for personal advice.