Defined Benefit - Money Purchase Plan Money Purchase Plans contain individual participant accounts, but they are technically determined to be a defined benefit plan. This is because these plans have defined formulas for determining the participant’s benefits that guarantee a specified and predetermined level of annual contributions that generate interest and earnings. These plans look like a traditional defined contribution plan because individual accounts are created for each participant.
Understanding the Money Purchase Plan

General Questions to be Answered:

  1. Name, address and phone number of the person requesting the order.
  2. Name of the county in which the divorce is taking place.
  3. Name of the court that has jurisdiction over the divorce.
  4. Name of judicial district/circuit/division, if applicable.
  5. Case reference number.
  6. Name, address, date of birth and Social Security number of the employee (participant/member of the plan).
  7. Name, address, date of birth and Social Security number of the employee’s spouse (alternate payee/former spouse).
  8. Reason for order (marital property rights or alimony).
  9. Date of marriage.
  10. Date the marriage ended.
  11. Date of divorce, if divorced.
  12. Date the employee began participating in the plan, if prior to the date of marriage.
  13. Is the employee still employed, terminated or retired?
  14. The exact name of the pension plan.

Additional Questions to be Answered:

    (Explanations are included with these questions)
  1. What is the form of award to the alternate payee (percent, dollar amount, percent plus dollar amount, percent less dollar amount, percent after a dollar amount is deducted)?
  2. Should the alternate payee receive gains/losses on his/her share of the benefits from the date of division to the date of segregation?

Additional Provisions that will be included in the QDRO:

  1. Commencement Date and Form of Payment to Alternate Payee
  2. Alternate Payee’s Rights and Privileges
  3. Death of Alternate Payee
  4. Death of Participant
  5. Savings Clause
  6. Certification of Necessary Information
  7. Continued Qualified Status of Order
  8. Tax Treatment of Distributions Made Under The Order
  9. Constructive Receipt
  10. Effect of Plan Termination
  11. Continued Jurisdiction
  12. Actions by Participant
  13. Notice of Pending Retirement (if applicable)
  14. Order Review Fees

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