Getting Caught by GATT

Spero, Karen; Caja, Richard A.
November 1999
Journal of Financial Planning;Nov99, Vol. 12 Issue 9, p72
Academic Journal
This article reports on the law on retirement for the planners' guide in financial planning. The paper is meant to bring planners up-to-date on the new law as well as act as a refresher on the workings of defined benefit plans in general and lump sums in particular. Participants have little understanding of defined benefit plans, and, in particular, the limitations surrounding spousal benefits. Further, there is little realization of the lack of favorable treatment to non-traditional family situations. It is suggested that planners use their collective clout to pursue a change in the law to extend benefits to the family of a deceased employee. There is currently no protection for the children of single parents, aging parents, a non-traditional marriage partner, nor any dependents. Congress needs to address this issue and financial planners can help by creating awareness within the client groups and through the lobbying efforts.


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