What does the following phrase mean: Redacted Proposed Qualified Relations Order"?
Full Question:
What does the following phrase mean: Redacted Proposed Qualified Relations Order"?
08/20/2007 |
Category: Divorce ยป Property Set... |
State: Alaska |
#8079
Answer:
A domestic relations order is a judgment, decree, or order (including the approval of a property settlement) that is made pursuant to state domestic relations law (including community property law) and that relates to the provision of child support, alimony payments, or marital property rights for the benefit of a spouse, former spouse, child, or other dependent of a participant.
A state authority, generally a court, must actually issue a judgment, order, or decree or otherwise formally approve a property settlement agreement before it can be a domestic relations order under ERISA. The mere fact that a property settlement is agreed to and signed by the parties will not, in and of itself, cause the agreement to be a domestic relations order. A qualified domestic relation order is a domestic relations order that creates or recognizes the existence of an alternate payee's right to receive, or assigns to an alternate payee the right to receive, all or a portion of the benefits payable with respect to a participant under a pension plan, and that includes certain information and meets certain other requirements. “Redacted” means “to make ready for publication; edit or revise.”