Estate planning at Alerus

For ERISA-covered retirement plans (such as 401(k) and 403(b) plans), married participants must obtain spousal consent if naming someone other than their spouse as the primary beneficiary. The spouse becomes the automatic primary beneficiary upon marriage unless a notarized waiver exists.

A cash balance plan is a hybrid retirement plan that combines features of defined benefit and defined contribution plans. Participants have an individual account balance that grows with employer contributions and guaranteed interest credits, while the employer bears the investment risk. Alerus provides full design, administration, and recordkeeping for cash balance plans.

Alerus administers 401(k), Safe Harbor, profit sharing, defined benefit, cash balance, 403(b), and Employee Stock Ownership Plans (ESOPs). They provide recordkeeping, trustee, and custody services as well as plan design, compliance testing, and participant communication tools.

Visit login.alerus.com to access the My Alerus portal. First-time users must set up online access by following the prompts to validate their account. Once logged in, you can view account balances, manage contributions, change investments, update beneficiaries, and request distributions.

Alerus offers three primary options: (1) Roll over your balance to an IRA for continued tax-deferred growth with flexible investment options; (2) Take a lump sum withdrawal, which is subject to income taxes and a possible 10% early withdrawal penalty if under age 59 1/2; or (3) Stay in the current employer plan if the plan permits, retaining access to the plan investment lineup, quarterly statements, and the Client Service Center. Consult a tax advisor before making a distribution decision.

After getting married, your new spouse becomes the automatic primary beneficiary on ERISA-covered plans. After divorce, review and update your beneficiary designations since the prior designation may still be in effect. After the birth of a child, update your beneficiaries because designations do not automatically include new children. You can make changes by logging in to My Alerus at login.alerus.com or by calling 800-433-1685.