Waiver of Claims to; pensions, IRA, 401K, employee benefit plan Retirement Savings Plans – ERISA – REA
It is important that one has the ability to protect one’s retirement assets and savings. Not only for their own benefit in retirement, but also for the benefit of their children after they are gone.
The parties’ acknowledge that they may have established retirement assets in the past and may establish retirement assets in the future and that neither party shall have any claim to the other’s retirement assets including but not limited to any Individual Retirement Accounts (IRA), Pension Plan, Profit Sharing Plan, Retirement Plans, Employee Benefits Plans, or other assets or investments in existence at the time of the execution of this agreement, acquired or instituted after the execution of this agreement or to the future accretions, increases in values or accumulations of same unless specifically agreed to by the parties’ in writing. The Intended Wife acknowledges the specific intent of the Intended Husband to bequeath the balance of his Retirement Plan(s) to his children upon his death. It is the Intended Husband’s intent to insure that his children are not divested of their rightful inheritance by virtue of the parties’ marriage.
Each party agrees to sign a waiver, if requested to do so by the other party waiving their right to any interest in any retirement savings plan, retirement account, pay on death account, pension, life insurance, etc. after marriage as required by the Department of Labor’s Employee Retirement Income Security Act (ERISA), by the Internal Revenue Service Code of the United States of America, and/or by the administrator of any such plan, necessary to grant each party complete freedom to designate any beneficiary to any qualified plan proceeds or any other pension or retirement account belonging to the other party without further consent of the other party.