Often times employee benefit plans represent the most valuable assets accumulated during a marriage. Dividing these assets in the event of divorce can be a complex process, one that requires extensive training and specific knowledge. Current Prices are as of July 1, 2019.
Qualified Retirement Plans are defined by Internal Revenue Code Section (“IRC”) 401(a). Pursuant to (“IRC”) 401(a), there are 37 requirements for a plan to be considered a “qualified” plan. Some of the more well-known types of qualified retirement plans that you will come across in your practice are defined contribution plans such as 401(k) and 403(b) accounts, Cash- Balance Plans (which are hybrids between a defined contribution and a pension plan) and conventional pension plans.
If you see the following names in a plan you are probably dealing with a non-qualified plan: Supplemental, SERP, Non-qualified, Excess Benefit Plans.
State plans are controlled by the state legislature, here in Illinois 40/ILCS of the Illinois Pension Code.
Thrift Savings Plans, FERS
These types of retirement plans are not subject to ERISA, so assignment of benefits is dictated by federal regulations. In fact, effective at the end of 2016, Congress greatly altered what the military pay center (the Defense Finance and Accounting Service, or “DFAS”) will consider “disposable retired pay” for division of military retired pay between spouses.
QMSCOS= Qualified Medical Support Orders are required if you are not the participant in the health care plan in order to have access to your children's health care records.
CURRENT HOURLY RATE IS $325 AN HOUR