How Do I Notify of a Divorce?
If you're going through a divorce, you'll need to provide Ohio Deferred Compensation with the following information to manage your account.
If your account will not be divided in your divorce, Ohio Deferred Compensation will need a complete filed copy of the Divorce Decree and Separation Agreement that contains language regarding your Ohio Deferred Compensation account
If your account will be divided in your divorce, you will need to provide Ohio Deferred Compensation with a complete filed copy of a qualified domestic relations order (QDRO). The QDRO gives Ohio Deferred Compensation instructions on how your account will be divided with your ex-spouse (or alternate payee).
To be valid, a QDRO must:
- Be directed to Ohio Deferred Compensation
- Specify the names, date(s) of birth, last known addresses, and Social Security numbers for you and the alternate payee
- Specify an effective date and the dollar amount or percentage of the benefits that are to be segregated for the alternate payee
- Ensure that no actions are to be taken by the plan which are inconsistent with the Plan Document
- Ensure no form of payment to the alternate payee that is not permitted by the plan
- Ensure that no prior domestic relations orders specify payment to a different alternate payee
- Be filed stamped by the court and signed by the judge
A hold may be placed on the money in your account while the QDRO is being validated and processed. Once the QDRO is validated, a new account will be created for the alternate payee, and the assigned value will be transferred to that account. When the QDRO is approved, the hold will be released from the account and an approval confirmation letter will be sent to the participant, alternate payee, and their attorneys, if applicable.
Need help? Talk to an Account Executive at 877-644-6457.