Sentences with phrase «alternate payee»

Different rules apply for payments to participants who are 5 % owners, to beneficiaries of participants who die before their required beginning date, and to alternate payees under QDROs.

The person whose interest is being transferred is called the «participant», and the person to whom the interest is transferred to is called the «alternate payee.»

Distributions made under a qualified domestic relations order (QDRO) to a former spouse or alternate payee;

An exception is also met if the payments are made to an alternate payee under a qualified domestic relations (divorce) order.

If a qualified retirement plan allows loans, the QDRO can give the alternate payee the right to borrow from the plan.

A common provision is that the benefit for the alternate payee can only start when the plan participant starts receiving benefits and must stop when the plan participant passes away.

But what if as a result of that, the alternate payee ends up losing his or her pension benefits too early?

It also involves a qualitative discussion of the value of the plan, especially for the alternate payee.

An alternate payee received the distribution under a qualified domestic relations order (QDRO).

This determination («qualification») gives an alternate payee the right to receive some or all of the benefits payable under a plan, including survivor benefits.

Alternate payees are considered beneficiaries.

An alternate payee under a Qualified Domestic Relations Order also is considered a beneficiary.

Alternate Payee - A participant's spouse, former spouse, child, or other dependent who, under a Qualified Domestic Relations Order (QDRO), has a right to receive some or all of the participant's pension benefits under a pension plan.

An alternate payee is a spouse, former spouse, child, or other dependent of a participant who is recognized by a domestic relations order (DRO) as having a right to receive all or a portion of the benefits payable under the qualified retirement plan with respect to the participant.

A Qualified Domestic Relations Order (QDRO) is a judgment decree or order made pursuant to a state domestic relations law that 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 retirement plan and that complies with certain special requirements.

A «qualified domestic relations order» (QDRO or QUADRO) is a court order assigning an «alternate payee» (usually a former spouse) the right to receive all or a portion of retirement plan benefits payable to an employee.

After the QDRO is approved by the court and processed by the retirement plan administrator, a separate retirement account is set up for the spouse who receives the retirement asset (the recipient is called the Alternate Payee.)

The QDRO is a document which instructs the plan administrator of the retirement plan on how to assign a portion of the funds to the spouse or «alternate payee».

The language of the order must be drafted to conform with the strict parameters and requirements of the particular plan, and will state how the benefits of the plan are to be divided or transferred from the plan of the «employee spouse» to the other spouse, known as the «alternate payee» in the divorce.

Nevertheless, it is important for both you and your spouse to know your options under the plan subject to division, so that the alternate payee spouse can be privy to the benefits that he / she is entitled to upon the plan's division.

Any distribution to an alternate payee pursuant to a QDRO.