When Will I Receive My Money?
Posted on Feb 11, 2014 6:33am PST
Q. Adam L. of Ohio wants to know: "When Will I Receive My Money?"
A. Brett, from the QDRO Department of Pension Evaluators & QDROS Of
Troyan, Inc Associates Groupeplies: "This is determined by the plan's benefit payment provisions.
As a general rule, plans which have account balances (for example, a 401(k)
savings plan, 403(b) tax-sheltered annuity and profit-sharing plan) will
allow an immediate tax-free rollover to the alternate payee's IRA,
or pay an immediate taxable lump sum cash distribution to an alternate
payee. Furthermore, pension plans don't typically pay monthly benefits
to an alternate payee until the participant has satisfied the plan's
age and service requirements to be eligible for early retirement. Your
eligibility for benefit payments will be described in detail in the Summary
Plan Description and the plan administrator's QDRO procedures."
Brett Disdale
Lead QDRO Consultant
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