QDRO Process
~ a brief overview ~
Marital Settlement
Agreement
The Marital Settlement Agreement is a document that memorializes how the divorcing parties have agreed to split their assets. This includes retirement accounts.
Draft "Domestic Relations Order"
This is where Precision QDRO's experience shines. We review the Plan Document, the QDRO procedures, and communicate with the Fund Office on your behalf.
We then draft a domestic relations order in accordance with the Fund's unique rules, ERISA requirements, and your unique needs.
Submit to Fund Administrator for Review
Once the draft domestic relations order is approved by you and your divorce attorney, Precision QDRO submits it to the Fund Administrator for review. Most Funds offer a conditional review (before the order is entered by the court). If this is the case, Precision QDRO will submit the draft order to the Fund and wait for a determination. If the Fund conditionally approves the order---great! It's ready to be entered by a court.
If the Fund Office rejects the draft, Precision QDRO will work with the Fund to determine why, and re-draft the order until it is approved. No extra cost to you.
Fund Approval!
Once the Fund Administrator gives their blessing, your domestic relations order becomes "Qualified" (a "QDRO")! This means that it can be entered into court by your divorce attorney.
Once entered, it is imperative that you or your attorney send a Certified Copy of the Order to the Fund Office. Once the Fund approves the Certified Copy, you must work directly with the Fund Administrator to set up your account.
**Please note that every plan is different, and some do not allow for immediate distribution of benefits**
