Private Pensions: IRS Efforts Underway to Improve Spousal Consent Forms
HRD-92-31
Published: Dec 20, 1991. Publicly Released: Dec 20, 1991.
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Highlights
Pursuant to a congressional request, GAO reviewed the Internal Revenue Service's (IRS) efforts to improve spousal consent forms for private pension plans.
Recommendations
Recommendations for Executive Action
| Agency Affected | Recommendation | Status |
|---|---|---|
| Internal Revenue Service | To better help spouses to make well-informed decisions, the Internal Revenue Service should disclose: (1) that the spouse's decision to waive the J&S annuity is voluntary; and (2) whether the specific plan permits revocation of the decision to waive the J&S annuity. |
IRS issued two information pamphlets called "Looking Out for Number Two" that addressed the recommendations. In addition, in January 1997, IRS published Notice 97-10, which provides sample language in the area of spousal consent forms. The sample forms include a discussion of the spouse's right not to sign the waiver, making it clear that if the spouse does not sign the waiver, the retiree will receive the benefits in the form of a Qualified Joint and Survivor Annuity. The sample forms also include alternative discussions of whether the waiver is irrevocable and the impact on the spouse of this feature so a plan administrator may select the language appropriate for the particular plan.
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Employee survivors benefitsFederal formsInformation disclosurePublic relationsRetirement benefitsPensionsWidowed personsSurvivor benefitsPension planPrivate pension plans