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QUADROQualified Domestic Relations Order
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Paragraph (1) shall apply to the creation, assignment, or recognition of a right to any benefit payable with respect to a participant pursuant to a domestic relations order, except that paragraph (1) shall not apply if the order is determined to be a qualified domestic relations order. Each pension plan shall provide for the payment of benefits in accordance with the applicable requirements of any qualified domestic relations order.
Under the QDRO exception, a domestic relations order may assign some or all of a participant's pension benefits to a spouse, former spouse, child, or other dependent to satisfy family support or marital property obligations, but only if the order is a "qualified domestic relations order." ERISA and the Code require that qualified plans pay benefits in accordance with the applicable requirements of any "qualified domestic relations order" that has been submitted to the plan administrator.
Qualified Domestic Relations Order (QDRO)--This creates or recognizes the existence of an alternate payee's right to, or assigns to an alternate payee the right to receive all or portion of the benefits payable with respect to a participant under a plan.
incident to the divorce of the owner of an IRA made to an alternate payee under a qualified domestic relations order (QDRO).
If the retirement benefit can be divided and an offset is not desired or not possible, a qualified domestic relations order (QDRO) needs to be drafted, preferably by an attorney with experience in this field.
These include administrative expenses-e.g., recordkeeping fees, as well as accounting and legal expenses, if paid by the plan; investment expenses; investment consultant expenses; and individual participant expenses-e.g., for loans or qualified domestic relations order (QDRO) reviews.
* A qualified domestic relations order (QDRO) allows an employee's retirement plan to pay benefits to an ex-spouse named as alternate payee.
Qualified domestic relations order answer book, 4th ed.; 2009 cumulative supplement.
If the client maintains a qualified retirement plan, a qualified domestic relations order may be issued to transfer interests out of the plan.
Benefits under IRC section 401 plans are generally taxed to the "distributee" (the plan participant) unless a Qualified Domestic Relations Order (QDRO) shifts the tax burden to an alternate payee [see Hawkins, 96-1 USTC 50,136 (CA-6-1996) rev'g and remanding 102 TC 61].
While all this may sound as if you have no way to put out the fire, a Qualified Domestic Relations Order (QDRO) can resolve disputes quickly.
An exception to this rule applies in the case of qualified plan benefits paid to a former spouse pursuant to a qualified domestic relations order (QDRO).
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