Definition
A Qualified Domestic Relations Order is a domestic relations order which creates or recognizes the existence of an alternate payee’s right to, or assigns to an alternate payee the right to, receive all or a portion of the benefits payable with respect to a participant under a qualified Plan (i.e. employer sponsored).
A domestic relations order is any judgment, decree, or order (including approval of a property settlement agreement) which (1) relates to the provision of child support, alimony payments, or marital property rights to a spouse, former spouse, child, or other dependent of a participant, and (2)is made pursuant to a State domestic relations law (including a community property law).
An Alternate Payee must meet the definition of alternate payee - any spouse, former spouse, child or other dependent of a participant who is recognized by a domestic relations order as having a right to receive all, or a portion of, the benefits payable under a plan with respect to such participant.
These Orders do not relate to Plans not covered by the Employee Retirement Income Security Act of 1974 (“ERISA”). Examples of retirement accounts NOT covered by ERISA include State and Municipal retirement plans, Federal Retirement Plans (CSRS, FERS & TSP), IRA's (SEP, SIMPLE and Keogh), and most Deferred Compensation plans.
Read more about this topic: Qualified Domestic Relations Order
Famous quotes containing the word definition:
“Scientific method is the way to truth, but it affords, even in
principle, no unique definition of truth. Any so-called pragmatic
definition of truth is doomed to failure equally.”
—Willard Van Orman Quine (b. 1908)
“... if, as women, we accept a philosophy of history that asserts that women are by definition assimilated into the male universal, that we can understand our past through a male lens—if we are unaware that women even have a history—we live our lives similarly unanchored, drifting in response to a veering wind of myth and bias.”
—Adrienne Rich (b. 1929)
“Beauty, like all other qualities presented to human experience, is relative; and the definition of it becomes unmeaning and useless in proportion to its abstractness. To define beauty not in the most abstract, but in the most concrete terms possible, not to find a universal formula for it, but the formula which expresses most adequately this or that special manifestation of it, is the aim of the true student of aesthetics.”
—Walter Pater (1839–1894)