Subject: Request to Divide Pension Plan Proceeds as per Court Order — West Virginia [Your Name] [Your Address] [City, State, ZIP Code] [Email Address] [Phone Number] [Date] [Administrator's Name] [Pension Plan Administrator's Service Center] [Address] [City, State, ZIP Code] Dear [Administrator's Name], Re: Division of Plan Proceeds per Court Order — West Virginia I hope this letter finds you well. I am writing to inform you about a recent court order that mandates the division of pension plan proceeds according to the regulations set forth by the state of West Virginia. As an eligible beneficiary, I kindly request your assistance in executing this court-approved division. By way of background, I am a party to a legal proceeding which involved the dissolution of marriage between myself and [Former Spouse's Name]. The final judgment, dated [Date], issued by the honorable [Judge's Name] of the [Court Name], details the distribution of marital assets, which includes the division of my pension plan proceeds. As per the court order, it has been determined that [Former Spouse's Name] is entitled to a portion of the pension plan assets accumulated during our marriage. Hence, it is imperative that the pension plan proceeds be divided accordingly between the two parties, in compliance with the specific guidelines governing the division of pension benefits in West Virginia. In light of the above, I kindly request the following actions be taken: 1. Evaluation and Verification: As per the court order, I request you to promptly evaluate and verify the total value of my pension plan account at the time of our marriage's dissolution. This figure will serve as the base value upon which the division of plan proceeds will be computed. 2. Calculation of Division Ratio: Once the base value has been determined, please calculate the appropriate division ratio as stipulated by the court order. This ratio will be used to divide the pension plan assets between myself and [Former Spouse's Name]. 3. Preparation of Legal Documents: In order to commence the division of plan proceeds, I kindly request you prepare the necessary legal documents, such as Qualified Domestic Relations Orders (QDR Os) or other similar documents, as required by the pension plan and in accordance with the West Virginia legislation. 4. Plan Benefit Transfer: Following the preparation and execution of the requisite legal documents, I kindly urge you to facilitate the proper transfer of [Former Spouse's Name]'s share of the pension plan proceeds into a separate account or an alternate qualified retirement plan. 5. Communication and Documentation: Throughout this process, I request regular communication from your side to keep me updated on the progress of the division and provide me with any additional documentation or information required to expedite the division procedure. I understand that variations in pension plan terminology and internal procedures may exist. Therefore, I kindly request your guidance regarding any specific requirements, procedures, or forms that may be unique to your pension plan administrator. Please feel free to contact me at your earliest convenience should you require any further information or clarification regarding the court order or any other aspect related to this matter. I trust that you will handle this request efficiently and in accordance with the laws governing pension plans in West Virginia. I appreciate your prompt attention to this matter and look forward to a prompt resolution. Thank you for your cooperation. Sincerely, [Your Name]
West Virginia Sample Letter to Pension Plan Administrator regarding Division of Plan Proceeds per Court Order
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FAQ
Pension plan administrators are fiduciaries responsible for prudently managing risks in their pension plans, making decisions in the best interest of pension plan beneficiaries, and administering the plan in ance with the filed plan documents and applicable laws, including the Pension Benefits Act.
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 qualified domestic relations order (QDRO) is a legal document, typically found in a divorce agreement, that recognizes that a spouse, former spouse, child, or other dependent is entitled to receive a predefined portion of the account owner's retirement plan assets.
Your current or former spouse, or your dependents, could be awarded a portion of your TSP account if a valid Retirement Benefits Court Order (RBCO) to divide your account is issued. The RBCO can be issued at any time in the divorce, annulment, and separation proceedings.
The main difference between a QDRO and a DRO is certain federal laws do not apply to government benefits and government plans are not governed by ERISA (a federal law that governs certain aspects of private industry retirement plans).
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.
A Pension Verification Letter is an official letter from the Massachusetts State Retirement Board (MSRB) which verifies your monthly pension income earnings. This letter is often used when proof of income is needed.
