QDRO
A client who is employed as a teacher under the NYSTRS went through a divorce in 2011. In reviewing his “Separation Agreement” signed in 2011 it mentioned not just his Pension Benefits which were to be divided equally ) but two 403(b) accounts as well. In reviewing the QPRO ( which was signed in 2014 ) the division of the Pension was mentioned, but, there was no mention of the 403(b)’s. Was this an oversight? Should they have been mentioned within the QDRO? This client has since remarried and has listed his current wife as the Primary Beneficiary. What if there was a death? How would the state ( of NY ) look at this? Under NY law, I am assuming the 403(b)’s are protected by law ( & would not go through probate ). What am I missing?
Thanks, as always!!!
Permalink Submitted by Alan - IRA critic on Tue, 2018-11-13 02:05
If the separation agreement is not consistent with the QDRO, there eventually will be a big problem. The attorney that drafted the QDRO should be questioned about this. If an error, a new QDRO could be submitted to the 403b administrators, and to the Pension plan as well.
Permalink Submitted by Peter Thomann on Tue, 2018-11-13 10:48
Separate QDROs probably needed to be done for the 403bs.