Marriage

So, you're getting married? Congratulations! However, take note: entering the married state has legal and financial implications for your health and pension benefits. It is important to review and address these benefit plan issues early on. We present here a summary of the Health and Pension issues you need to understand to get a good start in your new life (so that you can get back to more important things, like fighting with the caterer).

Plan Checklist

Items regarding the Health Plans apply only to participants in the Southern California IBEW-NECA Health Plans. However, if you participate in another electrician health plan, it is likely that similar considerations will apply.

• You must complete a new Family Account Change Form and Beneficiary Designation and include a copy of your marriage certificate. This must be done as soon as possible after the marriage in order to ensure Health coverage for your new spouse.
• For the Active Health Plan's Life Insurance benefit, your new spouse also automatically becomes your beneficiary. However, you should complete a new Beneficiary Designation form for Life Insurance (Active) and Death Benefits for the Retiree, DB and DC Plans.
• Review the rules for coordination of benefits. Coordination of benefits rules govern how each plan will pay for health care claims if both spouses have group health insurance.
• Review the rules for pre-retirement death benefits under the Pension Trust. You should be aware that the rules for married persons are different from those for single persons.

Also Consider...

Planning Notes:

Financial planners recommend that recently married and those planning to get married should update a number of personal plans and documents. Here is a checklist of some items which you may need to update, revise, or consider:

• Will
• Living Trust
• Estate Plan
• Durable Powers of Attorney
• Designation of Beneficiary: IRA, 401k, Life Insurance
• Adequacy of Life Insurance
• Adequacy of Disability Insurance