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At the time of divorce or dissolution of marriage, plan benefits may be divided between the participant or member and that person’s spouse. In order to effectuate a division of the pension benefits in the state of New York, a Qualified Domestic Relations Order (QDRO or DRO) must be prepared and submitted to the Plan Administrator. The Orders generated by our online service are specific to each System or Plan.
(all QDROs are $299)
In New York, vested pensions are marital property. Vesting means that the worker spouse has met all the requirements for receipt of the pension. Unvested pensions are not marital property. Until the pension has vested, the worker spouse has only an expectancy of interest in the pension.
In New York, the court may include the retirement benefits and plans earned by both spouses as marital assets available for division. Retirement benefits vary greatly but can generally be divided into two groups:
In New York, if spouses share in each other’s retirement or pension plan, a Qualified Domestic Relations Order must be completed. A QDRO is a written set of instructions that explains to a plan administrator that two parties are dividing pension benefits. The instructions set forth the terms and conditions of the distribution - how much of the benefits are to be paid to each party, when such benefits can be paid, and how such benefits should be paid.
