Subject: Washington Sample Letter to Pension Plan Administrator — Division of Plan Proceeds per Court Order Dear [Pension Plan Administrator's Full Name], I hope this letter finds you well. I am reaching out as per a court order issued in the State of Washington regarding the division of plan proceeds from the [Company Name] Pension Plan. This court order mandates the division of the plan proceeds between myself and my former spouse/partner, [Ex-spouse's/Ex-partner's Full Name], in accordance with the applicable laws of the state. As the court order clearly stipulates the division of the plan proceeds, I kindly request your assistance and adherence to the following instructions: 1. Verification of Court Order: We kindly request the plan administrator to verify the court order and ensure its authenticity. Please review the details of the court order attached herewith. 2. Division of Plan Proceeds: In accordance with the court order, the plan proceeds should be divided between myself and [Ex-spouse's/Ex-partner's Full Name] as follows: — [Your Full Name]: [Specify Percentage/Amount or Document Reference] — [Ex-spouse's/Ex-partner's Full Name]: [Specify Percentage/Amount or Document Reference] 3. Calculation of Plan Proceeds: Please calculate the total plan proceeds and provide a detailed breakdown of the amount to be distributed to each party. If necessary, refer to any applicable formulas or methods as per the plan's terms and conditions. 4. Required Documentation: Kindly provide us with copies of the relevant plan documents, including Summary Plan Descriptions, statements, or any other required paperwork to ensure an accurate division of the plan proceeds. 5. Efficient Communication: Please maintain open communication lines with both parties involved, myself and [Ex-spouse's/Ex-partner's Full Name], during this process. Timely updates, responses, and any clarifications required would be highly appreciated. 6. Compliance with Washington State Laws: I would like to emphasize that the division of the plan proceeds should comply with the laws and regulations of the State of Washington. If any specific regulations or procedures apply, please ensure their strict adherence. 7. Secure Administration: It is paramount to handle all personal and financial information with the utmost confidentiality and security. We kindly request you to follow the necessary protocols to protect our sensitive data throughout this process. I trust in your professionalism and expertise in handling such matters. Your cooperation and prompt attention to this matter would be greatly appreciated. Should you require any additional information, please do not hesitate to contact me at [Your Contact Information]. Thank you for your attention and understanding in ensuring a fair and accurate division of the plan proceeds. We look forward to a smooth resolution of this matter. Sincerely, [Your Full Name] [Your Address] [City, State, ZIP Code] [Your Contact Information] [Attachments: — Copy of CourOrderde— - Any additional documents as required]
Washington Sample Letter to Pension Plan Administrator regarding Division of Plan Proceeds per Court Order
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FAQ
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.
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.
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.
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.
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.
Upon divorce or separation, your monthly benefit is not subject to sharing or division unless it is court-ordered. DRS could be required to pay a portion of your retirement account to satisfy a divorce agreement. This order is called a property division.
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.
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.
