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ATTENTION: In the following Model Separation Agreement, the Plaintiff is the Participant and the Defendant is the Alternate Payee. (You must insert the correct designations - Example: Plaintiff, Petitioner, Complainant, Defendant or Respondent). There are 9 model clauses in total.
View Deferred Compensation Agreement Language (PDF)
Plaintiff is a Participant under the [Insert Exact Name of Plan] (hereinafter referred to as Plan). Through a Qualified Domestic Relations Order “QDRO”, Defendant is hereby granted a portion of the Plaintiff’s retirement benefits under the Plan as specified below.
Option 1: Percent as of a Date: (choose either A, B, C or D)
Amount of Defendant’s Benefit: The Defendant will be assigned an amount equal to [Insert % Amount] Percent of the Plaintiff’s Total Account Balance accumulated under the Plan
A. - as of [insert the Marriage End Date]. B. - as of [insert a Specific Date]. C. - as of the Date the Order is approved as a Qualified Domestic Relations Order by the Plan Administrator D. – equal to [(a) MINUS (b)] below, where (a) equals the Plaintiff’s Total Account Balance accumulated under the Plan as of [Insert the Date the Marriage Ended]; (b) equals the Plaintiff’s Total Account Balance accumulated under the Plan as of [Insert the Date of Marriage] (or the closest Plan valuation date thereto), and INCLUDING any and all investment earnings/losses that are attributable to such "pre-marital" account balance which have accrued during the marriage from [Insert the Date of Marriage] to [Insert the Date the Marriage Ended].
Option 2: Percent as of a Date PLUS a Dollar Amount: (choose either A, B, C or D)
A. - as of [insert the Marriage End Date]. B. - as of [insert a Specific Date]. C. - as of the Date the Order is approved as a Qualified Domestic Relations Order by the Plan Administrator. D. - equal to the sum of [(1.) PLUS (2.)] below, where (1.) is equal to (a) MINUS (b)] below, (a) equals the Plaintiff’s Total Account Balance accumulated under the Plan as of [Insert the Date the Marriage Ended; (b) equals the Plaintiff’s Total Account Balance accumulated under the Plan as of [Insert the Date of Marriage] (or the closest Plan valuation date thereto), and INCLUDING any and all investment earnings/losses that are attributable to such "pre-marital" account balance which have accrued during the marriage from [Insert the Date of Marriage] to [Insert the Date the Marriage Ended]. (2.) is equal to [Insert $ Amount].
(1.) is equal to (a) MINUS (b)] below, (a) equals the Plaintiff’s Total Account Balance accumulated under the Plan as of [Insert the Date the Marriage Ended; (b) equals the Plaintiff’s Total Account Balance accumulated under the Plan as of [Insert the Date of Marriage] (or the closest Plan valuation date thereto), and INCLUDING any and all investment earnings/losses that are attributable to such "pre-marital" account balance which have accrued during the marriage from [Insert the Date of Marriage] to [Insert the Date the Marriage Ended]. (2.) is equal to [Insert $ Amount].
(a) equals the Plaintiff’s Total Account Balance accumulated under the Plan as of [Insert the Date the Marriage Ended; (b) equals the Plaintiff’s Total Account Balance accumulated under the Plan as of [Insert the Date of Marriage] (or the closest Plan valuation date thereto), and INCLUDING any and all investment earnings/losses that are attributable to such "pre-marital" account balance which have accrued during the marriage from [Insert the Date of Marriage] to [Insert the Date the Marriage Ended].
Option 3: Percent as of a Date MINUS a Dollar Amount: (choose either A, B, C or D
A. - as of [insert the Marriage End Date] MINUS [Insert $ Amount]. B. - as of [insert a Specific Date] MINUS [Insert $ Amount]. C. - as of the Date the Order is approved as a Qualified Domestic Relations Order by the Plan Administrator MINUS [Insert $ Amount]. D. - equal to the sum of [(1.) MINUS (2.)] below, where (1.) is equal to (a) MINUS (b)] below, (a) equals the Plaintiff’s Total Account Balance accumulated under the Plan as of [Insert the Date the Marriage Ended; (b) equals the Plaintiff’s Total Account Balance accumulated under the Plan as of [Insert the Date of Marriage] (or the closest Plan valuation date thereto), and INCLUDING any and all investment earnings/losses that are attributable to such "pre-marital" account balance which have accrued during the marriage from [Insert the Date of Marriage] to [Insert the Date the Marriage Ended]. (2.) is equal to [Insert $ Amount].
Option 4: Percent as of a Date AFTER a Dollar Amount is Deducted:
(choose either A, B or C)
Amount of Defendant’s Benefit: After deducting [Insert $ Amount] from Defendant’s Total Account Balance accumulated under the Plan
A. - as of [insert the Marriage End Date], the Plaintiff will be assigned an amount equal to [Insert % Amount] of Defendant’s remaining Total Account Balance accumulated under the Plan as of [insert the Marriage End Date]. B. - as of [insert a Specific Date], the Plaintiff will be assigned an amount equal to [Insert % Amount] of Defendant’s remaining Total Account Balance accumulated under the Plan as of [insert a Specific Date]. C. - as of the Date the Order is approved as a Qualified Domestic Relations Order by the Plan Administrator, the Plaintiff will be assigned an amount equal to [Insert % Amount] of Defendant’s remaining Total Account Balance accumulated under the Plan.
Amount of Defendant’s Benefit: The Defendant will be assigned an amount equal to [Insert $ Amount] of the Plaintiff’s Total Account Balance accumulated under the Plan
A. - as of [insert the Marriage End Date. B. - as of [insert a Specific Date. C. - as of the Date the Order is approved as a Qualified Domestic Relations Order by the Plan Administrator.
Investment Earnings: The Defendant’s assigned share of the benefits as set forth above SHALL [insert either ALSO or NOT] bear any interest and investment earnings or losses attributable thereon for periods subsequent to the [insert the Marriage End Date, Specific Date or the Date the Order is approved as a Qualified Domestic Relations Order by the Plan Administrator] "Assignment Date," until the date the Plan actually establishes a separate account(s) for the Defendant (the "Segregation Date").
Outstanding Loan Balance: In the event the Plaintiff has an outstanding loan balance as of the Assignment Date, Defendant’s award is to be calculated [insert either BEFORE or AFTER] the loan amount is subtracted from Plaintiff’s total account balance. Therefore, Defendant’s share of the benefits [insert either SHALL BE or SHALL NOT BE] impacted or reduced by any loans taken be the Plaintiff.
Allocation of Award: Defendant’s award shall be allocated on a “pro-rata” basis from all of Plaintiff’s different accounts and investment funds.
Death of Plaintiff: The Defendant will be treated as a surviving spouse of the Plaintiff, if the Plaintiff dies before the Defendant’s award is segregated into a separate account.
Death of Defendant: If the Defendant dies before the award is segregated into a separate account, the award shall devolve to Defendant’s designated beneficiaries or estate.
Plan Administrator Fees: Any QDRO processing or reviewing fees charged by the Plan Administrator shall be deducted [Choose Option A, B or C]
A. - equally from Defendant’s and Plaintiff’s share of the retirement benefits. B. - from Defendant’s share of the retirement benefits. C. - from Plaintiff’s share of the retirement benefits.
Processing The Qualified Domestic Relations Order: Defendant’s Attorney will be responsible of preparing, submitting and overseeing the approval of the QDRO until its final acceptance by the plan administrator as a QDRO. It is understood that Defendant’s Attorney may employ a QDRO drafting company to assist in the preparation and submission of the Order to the plan administrator for approval as a QDRO.
Distribution of Funds: Defendant’s award will be segregated into a separate account in the name of the Defendant when the Plan Administrator approves the QDRO. It is understood that it will be the Defendant’s responsibility to instruct the Plan Administrator as to investment election(s) or distribution of this account.
