WHAT IS A QUALIFIED DOMESTIC RELATIONS ORDER (“QDRO”)?
In general, ERISA and the Internal Revenue Code do not permit a participant to assign his or her interest in a pension plan to another person. Certain rules are intended to ensure that a Participant’s pension benefits are available to provide financial support during his or her retirement years. However, a limited exception to these rules permits the assignment of your interest in the Plan to another person through a QDRO.
Under the QDRO exception, a domestic relations order may assign some or all of a Participant’s pension benefits to a spouse, former spouse, child, or other dependent to satisfy family support or marital property obligations if and only if the order is “qualified” by the Fund. The Fund’s procedures governing QDRO’s are available at no charge from the Fund Office. You will be charged an initial $50 QDRO withdrawal fee and $350 for the QDRO’s review by the Fund Office and Fund Counsel.