A Qualified Domestic Relations Order ("QDRO") is recognized by the Internal Revenue Service and the Department of Labor as a method of allowing the tax-free transfer of retirement plan assets to a spouse pursuant to a dissolution. A retirement plan will not divide benefits or provide for payments without a plan approved QDRO.

 

If a retirement plan is to be divided pursuant to a marital settlement agreement ("MSA"), a QDRO must be drafted and submitted to the plan administrator. A poorly drafted QDRO can greatly reduce or even nullify a planned distribution by failing to allow for proper distribution options. A poorly drafted QDRO may fail to account for future contingencies that may occur such as; early retirement, cost of living adjustments, remarriage and premature death or disability.

 

Due to the variety of retirement plans and procedures, it is challenging to effectively and efficiently draft and submit a QDRO to the plan administrator for pre-approval and processing. Rejection of the QDRO by the plan administrator leads to extra time and costs.

 

Kirk & Simas is experienced in drafting QDRO’s and is ready to meet this challenge. Our attorneys and staff are prepared to handle all of your QDRO needs. Whether you need a complete dissolution or preparation of a QDRO to comply with your MSA, we are here to help you.