Subject: Request for Division of Plan Proceeds per Court Order — Michigan Pension Plan Dear [Pension Plan Administrator's Name], I hope this letter finds you well. I am writing to you as per the court order issued by the [name of court] on [date]. The court has directed the division of the pension plan proceeds between myself and my former spouse, [Former Spouse's Name], and I kindly request your assistance in implementing this division in accordance with Michigan state laws. As outlined in the court order, our marriage was dissolved and the judgment dictated that a portion of my pension plan benefits shall be allocated to [Former Spouse's Name]. To ensure an accurate and fair distribution, I would appreciate your guidance and cooperation in carrying out the following steps: 1. Verification of Court Order: — Please find enclosed a certified copy of the court order issued by the [name of court] on [date]. Kindly review the document to confirm its validity and authenticity. 2. Calculation of Division: — According to the court order, [Former Spouse's Name] is entitled to receive a predetermined percentage or specific dollar amount of the pension plan proceeds as of [date]. I kindly request your assistance in calculating the precise share and communicating the same to both parties involved. 3. Division Options: — Michigan law provides various options for dividing pension plan proceeds, including Qualified Domestic Relations Order (QDR), Shared Interest Order, and Cash Out. I kindly request your expertise in determining the most suitable method for implementing the division in accordance with the court order. 4. Documentation and Process: — Please guide me through the necessary documentation and procedural steps required to facilitate the division of the pension plan proceeds. This will help ensure compliance with the court order while following the policies and guidelines set forth by the Michigan Pension Plan. 5. Timelines and Communication: — I kindly request that you provide an estimated timeline for the completion of the division process, keeping in mind the urgency and importance of this matter. Additionally, please advise on the preferred method of communication for exchanging any further documentation or information relating to the division. I understand that your office deals with numerous inquiries, and I greatly appreciate your attention and support in handling this matter. Your expertise and guidance will be invaluable in effecting a fair and lawful division of the pension plan proceeds, as mandated by the court order. Should you require any additional information or documentation, please do not hesitate to contact me at [your contact information]. Thank you for your prompt attention to this request, and I look forward to your favorable response. Sincerely, [Your Name] [Your Address] [City, State, Zip Code] [Email Address] [Phone Number]
Michigan Sample Letter to Pension Plan Administrator regarding Division of Plan Proceeds per Court Order
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FAQ
Generally, pensions are considered marital property subject to being equitably divided with the non-employee spouse having a claim against the employee spouse's retirement account.
It is required to follow the U.S. tax code, ERISA regulations and plan terms that specify the time frame for accessing the funds. For example, if a plan does not allow payments until age 55, a QDRO during a divorce will not change the availability of these funds.
The valuation date of a QDRO is the set date when the funds are supposed to be divided, and date segregation is typically set by the plan administrator. The QDRO should always specify the awarded dates, QDRO amount, and alternate payee award.
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.
The ?earliest retirement age? for a QDRO under this plan is the earlier of: ? When the participant actually terminates employment or reaches age 59½ , or ? The later of the date the participant reaches age 50 or the date the participant could receive the account balance if the participant terminated employment.
A qualified domestic relations order (QDRO) is a court order used to divide certain retirement-specific assets during a divorce. Assets distributed from a qualified plan under a QDRO are exempt from the usual 10% early withdrawal penalty.
The time it takes to receive funds from a QDRO (qualified domestic relations order) can vary widely based on several factors. You can typically expect the entire process to take between six and eight months, but it can be as fast as two months or take as long as two years or more.
Ing to MCL 600.5809(3), the statute of limitations is 10 years for any actions brought on a judgment or decree by a Michigan court. A QDRO is a decree (an order) by a Michigan court and is therefore subject to the 10-year limitation period.
