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What do I do with my Domestic relations order? QDRO
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Topic: What do I do with my Domestic relations order? QDRO (Read 1818 times)
what2donow
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Posts: 1
What do I do with my Domestic relations order? QDRO
«
on:
October 27, 2006, 11:28:07 PM »
My lawyer sent me a copy of my domestic relations order - granted and signed. I live in NY. I'm still paying my lawyer off and am trying to avoid adding more on to the bill... I would appreciate any information on what the next step is... I have been assigned a dollar amount. It states in the Quadro that "The amount awarded shall be distributed to the Alternate Payee as a lump-sum payment as soon as administratvely practicable after this order has been deemed to constitute a QDRO by the Plan Administrator. At such time as the Alternate Payee's portion of the account is actually distributed tot he Alternate Payee, said amount may be made as a "direct rollover" transfer into an IRA or similar account as designated by the Alternate Payee. Such rollover shall be made in accordance with the terms of the Plan and applicable law. The Alternate Payee shall provide all necessary information and fill out all necessary documents as required by the Plan Administrator to effectuate such transfer."
The "Plan Admisnistrator" is my ex. I have a 401K from my old job & I am not currently working. Do I need a lawyer, a financial advisor, or can I contact someplace like "Fidelity" or my bank and set up an ira to roll the money into? Would Fidelity or a bank know the ins and outs of a QDRO or do I have to pay someone? Maybe I could change my 401k to an IRA and roll everything to one account. (I already called my 401K and they said I cannot contribute to my plan anymore because I donot work there anymore). If anyone out there has any answers... please reply. Thanks
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Lee Borden
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Posts: 1202
Re: What do I do with my Domestic relations order? QDRO
«
Reply #1 on:
October 28, 2006, 10:07:12 AM »
Typically, your lawyer would send the QDRO to the Plan Administrator. If your lawyer isn't going to do that, you can. Just make sure you send a certified copy of it, and then follow up if you don't hear from the Plan Administrator within 30 days or so.
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