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Government Guidance on Qualified Domestic Relations Orders: U.S. DOL Issues Interim Regulations, PBGC Updates its Handbook
By Paul M. Hamburger of the Washington Office, and Megan Mardy of the Chicago office, of McDermott Will & Emery LLP
The Department of Labor's (DOL) Employee Benefits Security Administration (EBSA) issued interim final regulations that clarify the status of domestic relations orders affecting qualified retirement plan benefits under the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code (the Code). The regulations were issued pursuant to a directive contained in the Pension Protection Act of 2006 (PPA).
Separately, the Pension Benefit Guaranty Corporation (PBGC) has updated its comprehensive booklet on how it administers qualified domestic relations orders in the context of terminated plans for which the PBGC pays benefits.
Together, these materials provide helpful information to plan administrators, service providers, participants and alternate payees who need to address compliance-related matters for these orders.
DOL Regulations
The DOL regulations, which are effective April 6, 2007, provide helpful guidance in the form of specific examples that demonstrate how to determine whether a domestic relations order (DRO) can become a qualified domestic relations order (QDRO) under special circumstances anticipated by the PPA. The DOL has invited comments (to be submitted no later than May 7, 2007) as to whether, and to what extent, there are additional factual scenarios that should be added to the examples already in the interim final rule.
Click here to read more.
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