Q: RE: QDRO in NJ What provision of NJ state domestic relations statute does order implement....
I have a sample qdro from plan administrator which I am completing based on jod but there is a part I don’t understand what they want. It reads: “This order is issued (cite specific provisions of the state domestic relations statute which order implements)
A:
QDRO stands for qualified domestic relations order.
As a general statement, qdro's are used to divide employment-related retirement assets subject to division in a divorce order or contained in the divorce settlement agreement.
If there is a divorce judgment/settlement agreement that provides that a party is entitled to a specific share of their former spouse's retirement account/plan, the division of that retirement asset is either handled through a "roll over" from the account to an IRA account in the other party's name or through a QDRO, which is an order that is served on the retirement plan administrator with direction to divide the participant's retirement plan in accordance with the terms of the order.
Presuming that the qdro is prepared properly in accordance with the requirements of the plan, the plan admin will then approve of the qdro and separate out the other party's share of the plan into a separate account for payment purposes.
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