Do I Need An Order To Split An IRA?
Posted on Feb 12, 2014 6:40am PST
Q. Michael C. of Delaware asks: "Do I Need an Order to Split An IRA?"
A. Brett, from the QDRO Department of Pension Evaluators & QDROS Of
Troyan, Inc Associates Group replies: "Yes, per IRC 408 (d) 6 an "IRA SPLIT ORDER" is required indicative
to a marital dissolution action. An IRA SPLIT ORDER is a court order that
requires a retirement plan to pay a portion of the retirement benefits
of an employee or retiree (who is called the "participant")
directly to the participant's spouse, former spouse, and/or dependent
children (who are each called an "alternate payee"). In other
words, IRA SPLIT ORDERs are almost identical to QDROs as described above,
except they are found under a different section of the code and have a
different set of approval phases and processes."
Brett Disdale
Lead QDRO Consultant
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