[Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Name of Pension Plan Administrator] [Pension Plan Administrator's Address] [City, State, ZIP] Subject: Request for Division of Plan Proceeds per Court Order — [Participant's Name], [Plan Name], [Plan Number] Dear [Pension Plan Administrator's Name], I hope this letter finds you in good health. I am writing to bring to your attention a court order related to the division of plan proceeds for [Participant's Name] in accordance with [Case/Court Order Reference Number]. As the designated representative for [Participant's Name] in this matter, I seek clarification and request your assistance in implementing the court-ordered division of the pension plan proceeds. 1. Case Background: On [Date], [Participant's Name] and their former spouse, [Former Spouse's Name], were legally divorced by [Court Name]. As part of the divorce settlement, the court issued a final decree addressing the division of assets, including the [Participant's Name]'s pension plan. The court explicitly ordered the division of the pension plan proceeds pursuant to the applicable state laws and provisions outlined in the Employee Retirement Income Security Act (ERICA). 2. Participant's Details: Participant's Full Name: [Participant's Full Name] Participant's Date of Birth: [Participant's Date of Birth] Participant's Social Security Number: [Participant's SSN] Participant's Address: [Participant's Address] Participant's Phone Number: [Participant's Phone Number] Participant's Email Address: [Participant's Email Address] 3. Pension Plan Details: Plan Name: [Plan Name] Plan Number: [Plan Number] Plan Administrator: [Plan Administrator's Name] Plan Administrator's Address: [Plan Administrator's Address] Plan Administrator's Phone Number: [Plan Administrator's Phone Number] 4. Court Order Details: Court Name: [Court Name] Court Order Date: [Court Order Date] Court Case Number: [Court Case Number] 5. Division of Pension Plan Proceeds: As per the court order, the pension plan proceeds are to be divided in accordance with applicable state laws and federal regulations governing pension plan divisions during divorce proceedings. I kindly request you to review the provided court order in order to facilitate the correct division of the assets within the pension plan. Please verify the following information: — Calculate the participant's accrued benefits and pension plan balance as of the date of divorce. — Deduct appropriate fees anwithholdinggs as outlined in the plan's policies and state laws. — Allocate the former spouse's portion as specified in the court order. — Confirm the method of division (lump-sum payment, rollover, etc.), as noted in the court order or as per the pension plan's provisions. 6. Required Documentation: To expedite the process, I have enclosed the following documents: — Full copy of the court order regarding the division of the participant's pension plan proceeds. — Participant's Social Security Statement. — Participant's latest pension plan statement. — Participant's marriage certificate and divorce decree. I kindly request your timely action and compliance with the court order. If you require any additional documentation or information, please let me know, and I will promptly provide it to facilitate a smooth division of the pension plan proceeds. Please acknowledge receipt of this letter and provide a timeline for completion of the necessary tasks. Additionally, please inform me of any specific forms or procedures required by your office to effectuate this division of assets. Thank you for your prompt attention to this matter. I look forward to your positive response and prompt resolution of this issue. Should you have any questions or concerns, please do not hesitate to contact me at [Phone Number] or via email at [Email Address]. Yours sincerely, [Your Name]
Arizona Sample Letter to Pension Plan Administrator regarding Division of Plan Proceeds per Court Order
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FAQ
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.
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.
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.
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.
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.
Q. Who is the Plan Administrator and what do they have to do with my QDRO? A. The Plan Administrator is the individual or entity designated in the plan documents (often a ?Summary Plan Description?) as the administrator.
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).
