California Sample Letter to Pension Plan Administrator regarding Division of Plan Proceeds per Court Order
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How to fill out Sample Letter To Pension Plan Administrator Regarding Division Of Plan Proceeds Per Court Order?
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FAQ
QDRO/DRO ?Qualified Domestic Relations Order (QDRO) or Domestic Relations Order (DRO). If the pension/retirement plan is going to be split between the parties, a special order must be prepared to divide the plan?either a QDRO or a DRO.
The time it takes to receive funds from a QDRO (qualified domestic relations order) can vary widely based on several factors. You can typically expect the entire process to take between six and eight months, but it can be as fast as two months or take as long as two years or more.
There is no one right answer to this question since a lot of factors come into play such as the complexities of the case, and the assets to be shared. On average, it takes two months from start to finish to obtain a QDRO. Other times, two years depending on the circumstances surrounding your situation.
A fair division may be to give the ex-spouse half of your pension (or half of the two-thirds considered marital property). An equitable division of marital property looks at all of the couple's assets and debts. There may be other assets of similar value to give up to retain your pension.
Receiving funds from a QDRO can take between two to five weeks after everything has been processed and approved. There are situations where it may take longer, but those are rare.
A spouse or former spouse who receives QDRO benefits from a retirement plan reports the payments received as if he or she were a plan participant. The spouse or former spouse is allocated a share of the participant's cost (investment in the contract) equal to the cost times a fraction.
Q. Who is the Plan Administrator and what do they have to do with my QDRO? A. The Plan Administrator is the individual or entity designated in the plan documents (often a ?Summary Plan Description?) as the administrator.
