A qualified domestic relation order (QDRO) is a court order in a domestic relations case that orders pension or retirement plan benefits to be used to provide alimony or child support, or to divide marital property in a divorce. ERISA is the primary federal law governing pension plans of employers. ERISA was amended in 1984 by the Retirement Equity Act. One of the provisions of the 1984 amendment created an exception to ERISA's preemption provisions for a qualified domestic relations order. ERISA defines a QDRO as a domestic relations order that creates or recognizes the existence of an alternate payee's right to receive, or assigns to an alternate payee the right to receive, all or a portion of the benefits payable with respect to a participant under a pension plan, and that includes certain information and meets certain other requirements. Under federal law, the administrator of the pension plan that provides the benefits affected by an order is the individual (or entity) initially responsible for determining whether a domestic relations order is a QDRO.
Among other requirements, ERISA specifies that a QDRO must contain all of the following information:
" The name and last known mailing address of the participant and each alternate payee;
" The name of each plan to which the order applies;
" The dollar amount or percentage (or the method of determining the amount or percentage) of the benefit to be paid to the alternate payee; and
" The number of payments or time period to which the order applies.
Qualified Domestic Relations Order To
Description
How to fill out Pennsylvania Motion To Reopen Case In Order To Include Qualified Domestic Relations Order In Final Decree Or Judgment?
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FAQ
There are several steps to calculate a QDRO. Determine the present value of the participant's retirement benefit. Calculate the amount assigned to the alternate payee based on the QDRO's terms. Once the amount has been determined, convert the amount into an annuity to be paid to the alternate payee.
The ?earliest retirement age? for a QDRO under this plan is the earlier of: ? When the participant actually terminates employment or reaches age 59½ , or ? The later of the date the participant reaches age 50 or the date the participant could receive the account balance if the participant terminated employment.
Who can be an "alternate payee?" A domestic relations order can be a QDRO only if it creates or recognizes the existence of an alternate payee's right to receive, or assigns to an alternate payee the right to receive, all or a part of a participant's benefits.
The only reason to do a QDRO is if any share of retirement benefits (including any survivor benefits) goes to a former spouse. If that's not the case, the judgment should clearly state that the participant receives 100% of the retirement benefit and the former spouse waives their interest in it.
