[WSBAPT] Retirement Account with No listed Beneficiary

Sat May 30 09:25:58 PDT 2026

Nick, whether a 403(b) is subject to ERISA depends on the employer.  My 403(b) is NOT governed by ERISA because my employer (UW) is a state government entity.  (State and local government employer plans and religious entities are exempt from ERISA).  But if the employer was a private school, then yes governed by ERISA.  But then you look at the plan (as you advise).  Generally, exempt plans usually have similar rules to ERISA (like spousal rights).
And I second the recommendation of Darryl - he’s terrific.

Karen

Professor Karen E. Boxx

University of Washington School of Law

Box 353020

Seattle, WA 98195-3020
206.616.3856
Sent from my iPad

On May 28, 2026, at 6:11 PM, Nick Pleasants <npleasants at ohswlaw.com> wrote:

Hi Amy,
I think TIAA-CREF has it wrong, and I have had issues with them on beneficiary designations in the past. My understanding is that 403(b) plans, like 401(k), are subject to ERISA. ERISA generally requires the spouse be treated as the beneficiary unless the spouse waives that right in writing (see https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/faqs/retirement-plans-and-erisa<https://urldefense.com/v3/__https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/faqs/retirement-plans-and-erisa__;!!K-Hz7m0Vt54!jWnaRe0UrO440fHSWU2VhSMDc-v7Gm0nCifJdZKyRTg5btNpoE3sSbzltxEMP4mu19rdQDFZ9ewCKsQqrgc$>). So I don’t see how they could reach the conclusion that the account had no beneficiary, when the default beneficiary for all ERISA plans should be the spouse.
I might suggest taking another shot at getting TIAA-CREF to recognize the spouse as the beneficiary based on ERISA. Also, have you requested the plan document? It should have provisions that state what happens when there is no beneficiary, and if it is an ERISA plan, those provisions should indicate the spouse is treated as beneficiary. If you can review the plan document, and then point TIAA-CREF to their own plan document language, maybe they will budge. Also review the signed beneficiary forms, or lack thereof.
You could also try to switch the Custodian, but that can get dicey. If you want to reach out to another custodian, Darryl Lynch at Oppenheimer has been a tremendous resource in dealing with sticky beneficiary situations. https://www.oppenheimer.com/advisor/wa/bellevue/bellevue-branch/darryl-lynch<https://urldefense.com/v3/__https://www.oppenheimer.com/advisor/wa/bellevue/bellevue-branch/darryl-lynch__;!!K-Hz7m0Vt54!jWnaRe0UrO440fHSWU2VhSMDc-v7Gm0nCifJdZKyRTg5btNpoE3sSbzltxEMP4mu19rdQDFZ9ewCpV_JUG8$>
Good luck!
Best,
Nick

Nicholas Pleasants | Shareholder
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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Amy Felt
Sent: Thursday, May 28, 2026 4:46 PM
To: wsbapt at lists.wsbarppt.com
Subject: [WSBAPT] Retirement Account with No listed Beneficiary

Listmates, I have a situation I have not dealt with before. The deceased died in December 2020. His surviving spouse did not contact me until a few months ago when an insurance check for house repairs, made out to her and the estate of xxxx arrived and she could not deposit it into her account. She then mentioned a brokerage account she also couldn't access. We recently opened probate.

I just got off the phone with her financial advisor. The deceased had three 403(b) retirement accounts that he opened at the same time all listing his spouse as the beneficiary except this one account which did not list a beneficiary. It seems odd that only one of the three accounts opened on the same day several years ago would lack a named beneficiary, while the other two list his spouse. I believe he thought all accounts named his wife as beneficiary and that the missing designation was an error by the custodian.

Fast forward to now, TIAA-CREF is telling the wife that the $150k account must be liquidated and distributed to the estate through probate. Then, since the funds will be released to the estate, not the surviving spouse, she has 5 years to withdraw the funds and pay applicable taxes. The financial advisor estimated a tax implication of $40-50k. The 403-b was earned during the marriage and she is the beneficiary since all assets are community property.

Has anyone had this issue before and if so, how did you handle it? Ultimately, the custodian is willing to release the funds via the probate process, but this is not the most tax-advantageous way.

--
Felt Law
Amy Felt - Attorney
9840 Willows Road NE Suite #200
Redmond, WA 98052
425-780-6103
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Felt Law Spokane Location
(next to Music City & within Fannin Litigation Group)
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