Qualified Domestic Relations Order
- April 9, 2019
- ontarget
- Family Law
- 0 Comments
Below is important information on QDROS from Attorney Matthew Lundy. The Law Offices of Ann Marie Gilden refers clients to Attorney Matthew Lundy to have their QDROs prepared by his firm.
Although every retirement plan is different, whenever you encounter a retirement account in a family law case, you must always ask, among other things, the same basic questions:
1) What plan/plans does each party own? You must be able to identify them by their formal, legal plan name.
2) What is the value of each plan, and what is the valuation date that should be used to value said plan? Sometimes this is ascertainable by looking at plan statements, sometimes it requires making a specific request to the plan administrator, and sometimes it requires hiring an outside expert to evaluate the plan. Remember, not all retirement plans are valued daily by the plan administrator, so you may not be free to select any date that you choose.
3) What ancillary benefits are associated with the plan (e.g. market fluctuations, interest credits, survivor benefits, subsidies/supplements)?
4) What is the correct method of division for the plan? Will the plan accept a QDRO? What if the plan does not honor QDROs or similar orders, and will not payout to a non-participant?
In the discovery process, you should always get a copy of the plan’s summary plan description. For government plans, because they are not subject to ERISA, they may not offer such a document. They will, however, generally make information about their plans available online to employees. See for example http://www.dfas.mil/garnishment/usfspa/legal.html related to military pensions. Further, you should request the plan’s divorce transfer and QDRO guidelines. Again, not all plans will necessarily have these documents available, but if they do, they can be a major source of information about the plan in question. Of course, you should also request a statement for the plan as of your desired valuation date.
We are here to help you with these issues. The earlier you call us in your case, the less likely that there will be issues that arise post-judgment. We are always available to you and your clients.
Matthew L. Lundy, Esq.
Florida * Georgia * New Jersey * Wisconsin
For more information about Guardianship or Probate Administration matters, be sure to visit my website here: http://www.AnnMarieGildenLaw.com.
This information is provided only as educational materials, and does not constitute the providing of legal advice, and does not create any attorney client relationship.