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If you or your spouse had or have interest in a retirement plan, such as a defined benefit plan (also known as pension plan) or a defined contribution plan (a 401(k) type plan) and you will be dividing that interest, you will need a special court order known as a Qualified Domestic Relations Order ("QDRO") or, if it is an Illinois State or municipality plan (such as SURS, or TRS or Chicago Public Schools pension), a Qualified Illinois Domestic Relations Order ("QILDRO").
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These Orders need to be drafted. Then, they should be sent to the Plan Administrator for pre-approval. Once pre-approved, they need to be entered by a Judge. You then obtain a certified copy of the QDRO or QILDRO and provide that copy to the Plan Administrator. If the plan is a 401(k) type plan, the Plan Administrator will implement the QDRO and divide up the money, putting the other person’s money into a new account in his/her name. If the plan is a pension type plan (a plan that will pay a monthly benefit from time of retirement until death), the Plan Administrator will implement the QDRO or QILDRO and wait until the other person is eligible to receive his/her monthly benefit, at which time, the Plan Administrator will start sending him/her the monthly benefit due to him/her per the QDRO or QILDRO. These plans can be rather complicated, so to determine what type of Order and what options you may have, please contact us.
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For each QDRO or QILDRO, for the price below, we will draft the Order, send it to the Plan Administrator for pre-approval, and if the Plan Administrator requests changes, we will make all changes requested one time (if we make an error or typo, we will correct it/change it until it is right). Once the Order is pre-approved, or if the Plan Administrator refuses to provide the service of reviewing and pre-approving the Order, we will provide you with a clean version of the QDRO or QILDRO along with detailed instructions on how to complete the process and documents that you may need to complete it.
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