Effective March 16, 2017: The U.S. Prime Rate Has Increased from 3.75% to 4.00%.
QUALIFIED DOMESTIC RELATIONS ORDER PROCEDURE & QDRO DETERMINATION CHECKLIST
The law requires that the Administrator recognize a domestic relations order that is qualified (i.e., that meets certain legal requirements). The law requires that the Plan adopt a written procedure to determine whether a domestic relations order is a "qualified domestic relations order" (QDRO). The Administrator should sign the QUALIFIED DOMESTIC RELATIONS ORDER PROCEDURE when the Plan document is executed and complete the QDRO DETERMINATION CHECKLIST when the Administrator receives a domestic relations order.
In order to process the distribution, The QDRO will need to be approved and executed by all parties. Additionally, Recordkeeper paperwork will need to be completed and executed in order for the QDRO being processed.
If you receive a QDRO request from a participant, please do not hesitate to contact your Paragon Plan Consultant for assistance.