Their Joint LIS Income Benefit (guaranteed monthly payments) that was activated will continue to the surviving spouse. The recordkeeper creates a new participant record for the beneficiary and moves assets to the new participant. AB’s system will move the income benefit from deceased to beneficiary. When deceased participant’s spouse passes away, the deceased participant/deceased spouse’s remaining LIS balance (if it has not been completely depleted from the guaranteed or other withdrawals) can by withdrawn by the participant’s plan beneficiaries.
