DISCUSSION OF QDRO REQUIREMENTS AND RELATED ISSUES Sample Clauses

DISCUSSION OF QDRO REQUIREMENTS AND RELATED ISSUES. In order to be recognized as a QDRO, an order must first be a ‘‘domestic relations order.’’ A domestic relations order is any judgment, decree or order (including approval of a property settle- ment) which (i) relates to the provision of child support, alimony payments or marital property rights to a spouse, former spouse, child or other dependent of the plan participant, and (ii) is made pursuant to a State domestic relations law (including a community property law). A State authority must actually issue an order or formally approve a proposed property settlement before it can be a domestic relations order. A property settlement signed by a partici- pant and the participant’s former spouse or a draft order to which both parties consent is not a domestic relations order until the State authority has adopted it as an order or formally approved it and made it part of the domestic relations proceeding. The sample language in Part II as- sumes that the QDRO applies to one qualified plan and one alternate payee. If a QDRO is intended to cover more than one qualified plan or alternate payee, the QDRO should clearly state which quali- fied plan and which alternate payee each provision is intended to address. The terms of a qualified plan must be set forth in a written document. The plan must also establish written QDRO procedures to be used by the plan administrator in determining whether a domestic relations order is a QDRO and in administering QDROs. The plan ad- ministrator maintains copies of the plan document and the plan’s QDRO proce- dures. If the plan is required under federal law to have a summary plan description, or ‘‘SPD,’’ the plan admin- istrator will also have a copy of the SPD. The information in these docu- ments is helpful in drafting a QDRO. The drafter of a QDRO may wish to obtain copies of these documents before drafting a QDRO.
Sample 1
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Related to DISCUSSION OF QDRO REQUIREMENTS AND RELATED ISSUES

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