Harris Texas Sample Letter to Pension Plan Administrator regarding Division of Plan Proceeds per Court Order: [Your Name] [Your Address] [City, State, Zip Code] [Email Address] [Phone Number] [Date] [Pension Plan Administrator's Name] [Pension Plan Administrator's Title] [Name of Pension Plan] [Address of Pension Plan] [City, State, Zip Code] Subject: Request for Division of Plan Proceeds per Court Order Dear [Pension Plan Administrator's Name], I hope this letter finds you well. I am writing to inform you about a court order that mandates the division of the pension plan proceeds for [Name of Plan Participant] in accordance with the laws governing marital property rights and divorce in the state of Texas. As the legal representative for the [divorced spouse's name], I request your cooperation and assistance in executing the necessary actions to divide the pension plan proceeds as per the court's ruling. Court Order Details: Court Order Date: [Date] Case Number: [Case Number] Court Name: [Court Name] Presiding Judge: [Presiding Judge] Divorced Spouse: [Divorced Spouse's Name] Plan Participant: [Plan Participant's Name] Our legal team has carefully reviewed the court order, and it explicitly directs the pension plan administrator to divide the plan proceeds between the divorcing parties accordingly. As a result, I kindly request your attention and support to ensure the proper execution of this court order. To facilitate the process, we are prepared to provide you with the necessary documentation, which includes: 1. Certified copy of the court order — We have attached a certified copy of the court order for your reference and records. Please review the order carefully to acquaint yourself with the specific requirements related to the division of plan proceeds. 2. Qualified Domestic Relations Order (QDR) — We have engaged a qualified attorney to prepare the QDR. Once we receive acknowledgment of your acceptance to execute the division of plan proceeds, we will promptly submit the QDR to you for your review and approval. We anticipate your prompt action as this is an essential step towards achieving the court-mandated division of the pension plan proceeds. 3. Any additional information required — In the event that you require any further information, documents, or assistance from our end to expedite the process, please let us know at your earliest convenience. We are committed to ensuring a smooth and efficient execution of the court order. We understand the complexity and time-sensitive nature of such matters and genuinely appreciate your cooperation in promptly executing the division of the pension plan proceeds. Furthermore, we kindly request that you acknowledge receipt of this letter and inform us of the subsequent steps you will take to initiate the process. Should you have any questions or require further clarification, please do not hesitate to contact me directly at [Phone Number] or via email at [Email Address]. Our aim is to work collaboratively to ensure compliance with the court's ruling in a timely and equitable manner. Thank you very much for your attention to this matter. Your prompt response is greatly appreciated. Sincerely, [Your Name]
Harris Texas Sample Letter to Pension Plan Administrator regarding Division of Plan Proceeds per Court Order
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FAQ
A pension earned by one spouse is generally considered a joint asset, which means it's subject to division in divorce.
Plan information or a distribution package should be received within 30 to 60 days of the plan's final approval of the QDRO.
In terms of how much either spouse is entitled to, the general rule is to divide pension benefits earned during the course of the marriage right down the middle. Though that means your spouse would be able to claim half your pension, they are limited to what was earned during the course of the marriage.
How long will the QDRO/DRO process take? 25baTypically, it will take approximately 4-6 months to obtain a Court Order and receive approval by a Plan. However, as noted on the flowchart, there are numerous steps involving multiple parties in the QDRO/DRO administrative process.
This means that 75% of the pension value would be considered a marital asset. So if you had $200,000 total in a pension, that amount would be multiplied by 75%, meaning the marital value would be $150,000 to be divided. The pension owner would keep the other $50,000 as a separate asset.
A QDRO grants a person known as the "alternate payee the right to a portion of the retirement benefits that the former spouse (the participant) earned through an employer-sponsored retirement plan. A QDRO allows a former spouse to receive a predefined amount of their spouse's retirement plan assets.
Thankfully, so long as payments from the pension plan have not already begun (in which case, as noted earlier, a Shared Payment QDRO must be used), the pension plan can be split via a QDRO that uses something called the Separate Interest method.
The most you can collect in divorced-spouse benefits is 50 percent of your former mate's primary insurance amount the monthly payment he or she is entitled to at full retirement age, which is 66 and 4 months for people born in 1956 and is rising incrementally to 67 over the next several years.
