[Your Name] [Your Address] [City, State, ZIP] [Email Address] [Date] [Plan Administrator's Name] [Plan Administrator's Title] [Company Name] [Company Address] [City, State, ZIP] Dear [Plan Administrator's Name], RE: DIVISION OF PLAN PROCEEDS PER COURT ORDER — REQUEST FOR INFORMATION I am writing to you in my capacity as [Your Relationship to Plan Participant — e.g., ex-spouse, attorney, authorized representative] in regard to the division of plan proceeds from the pension plan of [Participant's Name], in accordance with a court order issued by the [Court Name] on [Court Order Date]. I kindly request your assistance and guidance in ensuring that this court-ordered division is processed accurately and efficiently. In compliance with the court order, it has been mandated that a portion of the pension plan funds held by your esteemed organization should be transferred to [Recipient's Name] as an appropriate division of the assets. The court order highlights the specific amount or percentage to be allocated, as well as any other pertinent instructions or conditions stated therein. To facilitate the proper division of plan proceeds, I kindly request that you provide the following information and documentation: 1. Confirmation of the plan participant's current account balance as of [Refer to a recent date, ideally close to the court order date]. 2. Detailed calculations outlining the exact amount or percentage to be disbursed to the designated recipient as per the court order. 3. Procedure instructions regarding how the division will be implemented, including any necessary forms and documents that need to be completed by all parties involved. 4. Timelines or deadlines associated with the division process, if applicable. 5. Contact information for the specific personnel or department responsible for handling the division of plan proceeds. It would greatly facilitate this matter if you could provide the requested information within [Specify a reasonable timeframe — e.g., 30 days from the date of this letter]. If the information is unavailable within the given timeframe, I kindly request that you provide a written response outlining the expected timeline for completion. Please note that the court order necessitates strict adherence, and any delay or error in executing the division might result in non-compliance with legal obligations. Therefore, I appreciate your prompt attention to this matter and your commitment to ensuring a smooth and accurate process. If there are any concerns, further information required, or if you need any clarification regarding the court order or the division of plan proceeds, please contact me at [Your Contact Information]. Your cooperation in expediting this matter is greatly appreciated. I look forward to your prompt response and the successful execution of the court-ordered division of plan proceeds. Thank you for your attention to this important issue. Sincerely, [Your Name]
North Carolina Sample Letter to Pension Plan Administrator regarding Division of Plan Proceeds per Court Order
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FAQ
Because the qualified plan assets you receive under a QDRO are rollover-eligible, amounts that are paid directly to you instead of to an eligible retirement plan will be subject to mandatory withholding. 3 This withholding is 20% for federal taxes and an additional amount for state taxes depending on where you live.
Pensions are defined-benefit plans. In contrast to defined-contribution plans, the employer, not the employee, is responsible for all of the planning and investment risk of a defined-benefit plan. Benefits can be distributed as fixed-monthly payments like an annuity or in one lump-sum payment.
However, if the receiving spouse decides to take a distribution of the funds rather than roll over the assets, the receiving spouse will owe federal and, if applicable, state income taxes and additional taxes on the early withdrawal, unless an exception applies.
If your spouse is entitled to half or a portion of your pension, it would be withdrawn at the time of the divorce settlement and transferred into their own retirement account, usually an IRA. It's important to note that with a QDRO, the spouse is exempt from the tax ramifications of receiving their settlement.
You will have to pay ordinary taxes based on your own personal tax bracket. The Plan Administrator will withhold 20% of the funds payable to you for estimated taxes. Your actual taxes will be determined after you file your tax return.
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.
Yes. You will have to pay ordinary taxes based on your own personal tax bracket. The Plan Administrator will withhold 20% of the funds payable to you for estimated taxes. Your actual taxes will be determined after you file your tax return.
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.
