T. Rowe Price beneficiary designation

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gwe67
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T. Rowe Price beneficiary designation

Post by gwe67 » Fri Mar 06, 2020 1:59 pm

For those that have a T. Rowe Price account, is it really not possible to designate a beneficiary online?
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Silk McCue
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Re: T. Rowe Price beneficiary designation

Post by Silk McCue » Fri Mar 06, 2020 4:32 pm

What did customer service say when you called them?

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ChrisC
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Re: T. Rowe Price beneficiary designation

Post by ChrisC » Fri Mar 06, 2020 5:47 pm

I can add, delete or change my beneficary designations online through the T.Rowe Price Workplace Retirement portal for a 401K plan with my previous employer. I have a primary and contingent beneficiary designations. I don't see the issue for me.

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gwe67
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Re: T. Rowe Price beneficiary designation

Post by gwe67 » Fri Mar 06, 2020 7:43 pm

Silk McCue wrote:
Fri Mar 06, 2020 4:32 pm
What did customer service say when you called them?

Cheers
Obviously I did not call them since I posed the question here. A primary reason for having a web site should be to reduce interacting with customers by phone and mail.

"Cheers"
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Alan S.
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Re: T. Rowe Price beneficiary designation

Post by Alan S. » Fri Mar 06, 2020 7:49 pm

It's always possible that this can be done online for an employer plan, but not for IRAs.

Probably depends on what types of issues came up over the years for these plans with TRP. A foul up on the beneficiary designation can be very costly to the plan as well as to the beneficiaries.

Silk McCue
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Re: T. Rowe Price beneficiary designation

Post by Silk McCue » Fri Mar 06, 2020 7:58 pm

gwe67 wrote:
Fri Mar 06, 2020 7:43 pm
Silk McCue wrote:
Fri Mar 06, 2020 4:32 pm
What did customer service say when you called them?

Cheers
Obviously I did not call them since I posed the question here. A primary reason for having a web site should be to reduce interacting with customers by phone and mail.

"Cheers"
That’s what customer service is for. It’s a lot more efficient than posting here for this type of operational question.

Your post feels more like a rant.

Cheers

DIFAR31
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Re: T. Rowe Price beneficiary designation

Post by DIFAR31 » Fri Mar 06, 2020 8:07 pm

gwe67 wrote:
Fri Mar 06, 2020 7:43 pm
Silk McCue wrote:
Fri Mar 06, 2020 4:32 pm
What did customer service say when you called them?

Cheers
Obviously I did not call them since I posed the question here. A primary reason for having a web site should be to reduce interacting with customers by phone and mail.

"Cheers"
If you could get an authoritative answer here from someone who works for T. Rowe Price, you would be right. But you're not.

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gwe67
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Re: T. Rowe Price beneficiary designation

Post by gwe67 » Fri Mar 06, 2020 9:04 pm

Alan S. wrote:
Fri Mar 06, 2020 7:49 pm
It's always possible that this can be done online for an employer plan, but not for IRAs.

Probably depends on what types of issues came up over the years for these plans with TRP. A foul up on the beneficiary designation can be very costly to the plan as well as to the beneficiaries.
That's possible. I have an IRA, not an employer plan. It seems really easy to send in a fraudulent TOD beneficiary designation form. The form does not even require notarization. And I cannot find any place on their web site to see the current beneficiary.
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22twain
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Re: T. Rowe Price beneficiary designation

Post by 22twain » Sat Mar 07, 2020 12:19 am

gwe67 wrote:
Fri Mar 06, 2020 9:04 pm
I cannot find any place on their web site to see the current beneficiary.
My profile page has a section “Beneficiary on File”. It has a link “Update Beneficiary on File” which takes me to a page that shows the beneficiaries for both my taxable and Roth accounts. This page in turn has links to “Update/Remove Beneficiaries” for each account, which takes me to a page where I can make changes.

When I created the accounts several years ago, I did have to mail in a paper form (printed from a PDF) to set up the initial beneficiaries. I don’t know if that’s still the case.
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