Subject: New Jersey Sample Letter to Pension Plan Administrator — Division of Plan Proceeds per Court Order Dear [Pension Plan Administrator's Name], I hope this letter finds you well. I am writing to request your assistance in carrying out a court order concerning the division of plan proceeds as mandated by the honorable [court name and case number]. As per the court's ruling, it has been determined that a division of plan proceeds is required in accordance with New Jersey state law. The court order specifies that a percentage or specific sum of the plan proceeds must be paid or transferred to the designated alternate payee, namely [alternate payee's full name]. The alternate payee's relationship to the plan participant is defined as [spouse, former spouse, etc.]. In order to ensure a smooth process and compliance with the court order, I kindly request the following: 1. Calculation of Plan Proceeds: As prescribed by New Jersey law, please calculate the total value of the plan proceeds, including accrued benefits, vested interests, and any other relevant factors, as of the agreed-upon date defined in the court order. 2. Percentage or Amount Allocation: Based on the court's ruling, please determine the specific amount or percentage of the plan proceeds that should be disbursed or transferred to the designated alternate payee. 3. Method of Payment or Transfer: Please specify the preferred method through which the allocated amount or percentage should be paid or transferred to the alternate payee. The options may include direct payment, direct rollover, trustee-to-trustee transfer, or any other method consistent with the requirements of the plan and applicable laws. 4. Documentation and Reporting: I kindly request that you provide the necessary paperwork and documentation, including updated account statements, to support the division of plan proceeds initiated by the court order. Additionally, please inform me about any reporting requirements or administrative procedures involved in this process. 5. Timelines and Confirmation: As the court order requires the timely implementation of the division of plan proceeds, I kindly ask for your prompt action in executing the necessary steps. Once the division process is completed, please provide written confirmation of the disbursed or transferred amount and its allocation to the alternate payee. It is crucial to highlight that this division of plan proceeds is guided by a court order, and failure to comply with the court's ruling may result in legal consequences and penalties. Therefore, I kindly request your utmost attention and adherence to this matter. Should you require any additional information or documentation, please do not hesitate to contact me at your earliest convenience. Your prompt cooperation is greatly appreciated. Thank you for your attention to this important matter. Sincerely, [Your Name] [Your Contact Information]
New Jersey Sample Letter to Pension Plan Administrator regarding Division of Plan Proceeds per Court Order
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FAQ
Check your defined benefit (final salary) pensions If you belong to one, your pension provider will usually send you an annual benefit statement. If you don't receive a statement, you can ask for one. The statement shows how much pension you might get. It might assume that you take your tax-free cash lump sum.
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.
Contact Information Mailing Address P.O. Box 295. Trenton, NJ 08625-0295. Call Center. 609-292-7524. a.m. ? p.m. Monday through Friday (except State holidays). ... Email. Send your Questions by email. ... Live Chat. a.m. ? p.m. Monday through Friday (except State holidays).
TELEPHONE NUMBERS Office of Client Services (609) 292-7524 General information from a pension counselor. Counselors are available Monday through Friday (except State holi- days) from a.m. to p.m.
All withdrawal requests must be submitted using the Application for Withdrawal program of the Member Benefits Online System (MBOS). To log on, go to our website at: .nj.gov/treasury/pensions Your selection is irrevocable once you have submitted your application.
Log On to myNewJersey and access to your MBOS Home Page Go to the Division of Pensions and Benefits Web site at: .state.nj.us/treasury/pensions 2. On the Pensions and Benefits home page click the link ?Log on to MBOS or EPIC?.
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.
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.
