Search found 29 matches

by lduffy
Fri Mar 02, 2018 1:56 am
Forum: Discovery & General Processes
Topic: Is preapproval necessary?
Replies: 1
Views: 837

Re: Is preapproval necessary?

It is always a good idea for a draft QDRO to be submitted to the Plan Administrator to find out in writing whether they require any changes. There are times that a QDRO will be interpreted by a plan as “not qualified” even though it would have been accepted as “qualified” in the past. Plan administr...
by lduffy
Fri Mar 02, 2018 1:55 am
Forum: Discovery & General Processes
Topic: Holds
Replies: 1
Views: 365

Re: Holds

If served with a divorce judgment that shows an award to a nonparticipant spouse, most plans will place a temporary hold on the participant’s account. The judgment will be treated as a “domestic relations order.” For private plans which are governed by federal law, you will still need to prepare, fi...
by lduffy
Fri Mar 02, 2018 1:54 am
Forum: Discovery & General Processes
Topic: Is discovery necessary?
Replies: 1
Views: 341

Re: Is discovery necessary?

In most cases not a lot of discovery is needed except properly identifying the plan name and whether the participant has started to receive benefits! You must determine the plans in which the parties are participants.
by lduffy
Fri Mar 02, 2018 1:53 am
Forum: Discovery & General Processes
Topic: Getting information about a Plan Participant
Replies: 1
Views: 359

Re: Getting information about a Plan Participant

In order to obtain information regarding the status of a certain Plan participant if not known, you must furnish the Plan Administrator with a written, signed release from the participant or a subpoena.
by lduffy
Fri Mar 02, 2018 1:47 am
Forum: Defined Contribution Plans
Topic: Award of future benefits?
Replies: 1
Views: 782

Re: Award of future benefits?

No. The QDRO must include an effective date of assignment that is on or before the date that such QDRO is submitted to the Plan Administrator. This requirement is necessary due to loan and withdrawal provisions. Therefore a QDRO submitted on June 1, 1996, cannot include language that provides the al...
by lduffy
Fri Mar 02, 2018 1:46 am
Forum: Defined Contribution Plans
Topic: allocation of benefits
Replies: 1
Views: 332

Re: allocation of benefits

Generally, the alternate payee’s benefits in a participant’s account will be awarded on a pro-rata basis among all of the participant's accounts. Many plan administrators require a pro-rata allocation and will not allow alternate payee’s share to be awarded from specific sources within participant’s...
by lduffy
Fri Mar 02, 2018 1:46 am
Forum: Defined Contribution Plans
Topic: calculating investment earnings and/or losses
Replies: 1
Views: 347

Re: calculating investment earnings and/or losses

Retroactive calculation of growth on the alternate payee's share of the account balance from the effective date of division based on your state’s marital property law to the date the plan segregates the account are generally calculated by the plans based on the annual interest and investment growth ...
by lduffy
Fri Mar 02, 2018 1:32 am
Forum: Defined Contribution Plans
Topic: investment earnings and/or losses
Replies: 1
Views: 329

Re: investment earnings and/or losses

No. If the intent is to provide the alternate payee with investment earnings and/or losses that are attributable to alternate payee’s share of the benefits from the date of division based on your state’s marital property law to the date of distribution, the QDRO must include specific language to thi...
by lduffy
Fri Mar 02, 2018 1:29 am
Forum: Defined Contribution Plans
Topic: defined contribution plan
Replies: 1
Views: 360

Re: defined contribution plan

A defined contribution plan is a plan that provides for contributions directly to individual accounts established and maintained for each plan participant. The contributions may consist of either employee or employer contributions or both. The participant is generally entitled to receive the account...
by lduffy
Fri Mar 02, 2018 1:27 am
Forum: Defined Benefits Plans
Topic: What happens if Alternate Payee dies?
Replies: 1
Views: 800

Re: What happens if Alternate Payee dies?

Generally no. If the alternate payee dies before alternate payee elects to commence benefits in accordance with the terms of the QDRO, no benefits may become payable to alternate payee’s beneficiary or estate. Even if the QDRO includes language that provides for payments to be made to the beneficiar...