Virginia 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.
Depending on your state's laws, marital assets are usually divided equally between spouses in a divorce. Therefore, pension funds that qualify as marital property are usually split evenly between divorcing spouses. The exception to this rule would be if you have a valid prenuptial agreement in place.
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.
While the length of the entire QDRO process can vary widely due to numerous factors, once the QDRO is finalized you should be able to access your portion of the funds quickly. You may be able to access the funds immediately after your QDRO is approved, and in most cases, the funds are available within a few weeks.
The order does this by permitting the plan administrator to legally divide the benefits allocated to each party without tax or other consequence. There is no way to divide qualified retirement plan assets without a QDRO.
As noted above, in order to divide the plan, a QDRO/DRO must be prepared, signed by the Judicial Officer in your case and served on the Pension/Retirement plan. Usually this happens at the time of trial or the final Judgment, but it can be completed later.
In order to gain access to a percentage of your pension, your spouse would have to specifically ask for their share at the time of the divorce ? not at the time of your retirement. This is done via a court order called a qualified domestic relations order (QDRO).
