Oregon Domestic Relations Order Dividing Interest in Aig Valic Accounts
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FAQ
Distributions made pursuant to QDROs are generally taxed in the same manner as any other typical plan distribution. One key difference is that a cash-out distribution from a QDRO is not subject to the 10% early withdrawal penalty.
AIG Retirement Services represents AIG member companies - The Variable Annuity Life Insurance Company (VALIC) and its subsidiaries, VALIC Financial Advisors, Inc.All are members of American International Group, Inc. (AIG). This information is general in nature and may be subject to change.
VALIC, a retirement plan provider for health care, K-12, higher education, government, religious, charitable and other not-for-profit organizations, will now be known as AIG Retirement Services.
A. Yes. The law says that money may be taken out of your account (that is to say, the money may be distributed) when you retire, become disabled, leave your job or die. In certain cases of need, furthermore, you may make a hardship withdrawal.
Many states, such as New Jersey, Pennsylvania, New York, and California, use a coverture approach in terms of dividing a pension in a deferred distribution scheme (QDRO).The coverture fraction is defined by marital service divided by total service.
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 a participant's benefits under an employer-sponsored retirement plan.
The answer to this question depends on what type of retirement plan is being divided. If it is a defined contribution plan (a 401(k), 457, 403(b) or similar plan), or an IRA, the funds are typically transferred into an account in the alternate payee's name within two to five weeks.
A QDRO will instruct the plan administrator on how to pay the non-employee spouse's share of the plan benefits. A QDRO allows the funds in a retirement account to be separated and withdrawn without penalty and deposited into the non-employee spouse's retirement account (typically an IRA).