MidAmerican v. Cox, Sr., et al., No. 12-3563 (8th Cir. 2013)
Annotate this CaseParents appealed from the district court's grant of summary judgment in favor of defendant, arguing that the district court erred in concluding that the antenuptial agreement between their son and his then-wife, Kathy L. Cox, was ineffective to waive Kathy's right to the funds in Michael's 401(k) plan. The son died before his divorce from Kathy was finalized. The parties agreed that the Employee Retirement Income Security Act (ERISA), 29 U.S.C. 1001 et seq., governed the distribution of the funds in the plan. The court concluded that the son's designation of his Parents as beneficiaries of the plan must yield to Kathy's rights as a surviving spouse, agreeing with the district court that Kathy's consent did not satisfy the acknowledgment requirement of section 1055(c)(2)(A)(iii).
Court Description: Civil case - ERISA. The district court did not err in finding the antenuptial agreement in question did not act as waiver of the deceased plan participant's spouse's right to 401(k) plan proceeds because the provisions in the antenuptial agreement did not satisfy the waiver acknowledgment requirements of 29 U.S.C. Sec. 1055(c)(1)(A)(iii).
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