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:
“Although there is no universal agreement as to a definition of life, its biological manifestations are generally considered to be organization, metabolism, growth, irritability, adaptation, and reproduction.”
—The Columbia Encyclopedia, Fifth Edition, the first sentence of the article on “life” (based on wording in the First Edition, 1935)
“The very definition of the real becomes: that of which it is possible to give an equivalent reproduction.... The real is not only what can be reproduced, but that which is always already reproduced. The hyperreal.”
—Jean Baudrillard (b. 1929)
“... 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)