Qualified Domestic Relations Order (QDRO)
Approval of the other Spouse
Once the QDRO has been drafted, based on the information gathered, concerning the plan and other details, the applicant will have to get approval/signatures of the other spouse. If the QDRO is drafted pursuant to a divorce decree, it may go smoothly. However, if the QDRO is filed with the divorce case and the other party is being irrational, the QDRO may be directly filed in the court.
Approval of the Plan Administrator
After the spouse’s approval, the applicant will send a copy of the QDRO to the plan administrator for its approval. The administrator may request changes in certain cases, and the finalized QDRO will be filed in the court, after getting signatures of the parties.
Filing QDRO in Court and Order
Once the QDRO is filed in the judge will review it and after satisfying himself shall sign the QDRO the court clerk will file it and enter the court record.
Submitting Certified Copy of the QDRO with the Plan Administrator
Lastly, the applicant will share a certified copy of the QDRO with the Plan Administrator for its action for actual division, setup, and a separate account for the benefit of the applicant. Prior approval of the Administrator will help in swift action by the Administrator.
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