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The payment of benefits from a retirement plan to anyone other than the participant is prohibited unless directed by a Qualified Domestic Relations Order (QDRO). It is essentially a court order that causes retirement plan benefits to be divided, in many cases avoiding taxation.

Both the participant (person who earned the benefit) and the spouse (known as the alternate payee) have certain rights provided by Federal laws.

A QDRO is generally required for all retirement plans except government or public employee plans. These exceptions do require a different type of court order to effect division however.

Payment from 401(k) or profit sharing plans to the alternate payee can occur in the form of an IRA rollover-type plan or in one single payment. Defined benefit plans generally only allow monthly payments, and are often set up as an annuity, paying the recipient for life.

Due to a variety of retirement plan options, statutory differences between the states, and a wide range of judicial discretion, simple answers to how and when retirement plan division occurs are not available. Legal counsel can help you get your interests represented fairly.

 

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